Bright Road GBPUSD
The indicator shows the direction and sustainability of the trend, as well as its reversals. Use the indicator to search for successful entries, the performance bottlenecks to minimize risk and time to exit deals. The indicator is never redrawn. It is an easy-to-setup visual tool for both novice and experienced traders. It fits any trading style. For convenience, added the automatic plotting of the price channel.
This is demo version, limited to GBPUSD
Full version of the indicator is also available: https://www.mql5.com/en/market/product/13886
The indicator is displayed immediately at a candlestick open as two lines:
- ROAD - smoothed movement. It is drawn as a solid orange line
- BRIGHT - trend direction and strength A line of circles red, blue or yellow
- BUY - the BRIGHT line must be below the price and its color changes to blue
- SELL - the BRIGHT line must be above the price and its color changes to red
- REVERSAL - several yellow circles at a row.
- UP TREND CONFIRMATION - candlestick opens above ROAD, when a blue circle is below ROAD
- DOWN TREND CONFIRMATION - candlestick opens below ROAD, when a red circle is above ROAD
For additional indications, you can use line intersection - ROAD line crosses the rising BRIGHT line means a long-term trend.
The indicator has only one configurable parameter:
- DEPTH - the depth of history data analysis. The indicator requires a substantial depth of analysis, at least 30 is recommended. Default is 54 bars.
Bright Road is a trend indicator and may produce false signals during a long flat movement or in the event of sudden market movements (eg caused by news)
The indicator is not a complete trading system. It is strongly recommended to use it in conjunction with other indicators and check fundamental analysis.