- Brenden Caleb Luebeck
- Version: 1.0
- Aktivierungen: 20
Looking for an indicator that identifies high-probability price action patterns? Love counter-trend trading? The Kangaroo Tailz indicator might be just for you.
This indicator is meant to be used as a reversal detector. I personally would rather enter a position at the beginning of a trend rather than catch the last couple of moves. This indicator does a good job of alerting when price may reverse by identifying price action patterns that occur frequently in markets.
Even though this indicator is capable of filtering a high percentage of weak signals, I still like to have additional confirmation in the form of support/resistance or structure breaks. I wait for reversal bars to appear, using this indicator, and then wait for market structure to break using a trendline breakout advisor. You can pick one up for free here: https://www.mql5.com/en/code/19951 or a paid one here: https://www.mql5.com/en/market/product/24168. I have also supplied specific filters dedicated to kangaroo tails because it has been one of the most reliable/popular patterns when used with structure breaks. Also, I have incorporated specific engulfing filters to eliminate even more weak signals much like what I was trying to accomplish with kangaroo filters. I do not recommend using this indicator stand-alone. Rather, you could combine it with an indicator that identifies market structure breaks for the strongest confirmation and highest probability. For me, I see the pattern, and I become alert. I see the structure break, and I gain confidence.
Included patterns are kangaroo tail's, engulfing bar's, three bar and triple inside bar. All patterns are RSI filtered by default except triple inside bars. I do not filter this pattern because the direction could go either way. The pattern simply means that volatility has decreased and a large move in either direction is likely. Often you will see expansion in both directions before the larger move occurs. Bear in mind that these patterns are only reliable after filtering. Filtering is the meat of this indicator.
- Filter using RSI, ATR, and MA to minimize weak signals.
- Set push, email, or pop-up alerts for each pattern.
- Show standard counter-trend patterns or only patterns with trend.
- Set whether kangaroo tail's should have a greater range than the prior bars.
- Set "room to the left". How many bars to the left the bar should clear. More room left can mean a stronger signal, but there will not be as many signals.
- Apply spread forgiveness in pips to engulfing bars in the event that a bar opens higher(bullish) or lower(bearish) than the close of the prior bar due to spread.
- Set a minimum body range of engulfing bar in relation to ATR.
- Set an engulfing bar as an outside bar or choose exactly what part of the bar closes/opens outside of the prior bar.
- Fully customizable color template.
- Arrow adjustments.
- Choose which patterns to show.
- Set max bars for indicator history.