Old Indicator Terms - How to apply to MetaTrader 4

[mars86]

My mentor is currently trying to teach me forex, to set up he wants me to find out how to overlay the following indicators over the top of the main chart.

Main spine, minor spine, railroad tracks and door line.

I have searched everywhere online to no avail, any help would be greatly appreciated. I'm sure these terms have been modernised/made better.

Thanks in advance

[swagman1]

Railroad Tracks

mars86:
My mentor is currently trying to teach me forex, to set up he wants me to find out how to overlay the following indicators over the top of the main chart.

Main spine, minor spine, railroad tracks and door line.

I have searched everywhere online to no avail, any help would be greatly appreciated. I'm sure these terms have been modernised/made better.

Thanks in advance

Hello Mars,

I haven't heard of the terms spine ( possibly a trend wave ? ) or a door line, but railroad tracks is a reversal pattern.

It has two candles with large bodies at the end of a run, the first being in the direction of the move and the second in the opposite direction. The close of the second is near/or at the open of the first, usally with little tails on both.

The theory is traders realize price has gone to far in one direction and they quickly reverse.

I have also heard it called opposite twins.

The example I give is not perfect ( what is in forex ) but it helped me with a long trade yesterday at the start of euro session.

Hope this helps and good luck in your endevours.

Swagman

[swagman1]

Reversal Patterns

Also found this in my indicators, the author says it is a work in progress and I see he has put on Bear Tracks on but not Bullish Tracks. This may help you understand programming indicators ( if needed ) by working out the bullish tracks code for yourself.

Or someone else may provide an updated version of Pattern Recognition indy.

[EACreator]

expert advisor

Here is EA for similar pattern.

No indicators used, just rules:

Open Buy:

First candle: 1) falling, 2) candle body >70% of candle;

Second candle: 1) rising, 2) candle body >70% of candle, 3) candle length between 80% and 120% of previous candle.

Open Sell:

First candle: 1) rising, 2) candle body >70% of candle;

Second candle: 1) falling, 2) candle body >70% of candle, 3) candle length between 80% and 120% of previous candle.

Other EA features:

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- abillity to reverse strategy

- market hours filter

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- various trailing stops (by pip, break even, trail by candle low/high)

Everything can be managed in EA parameters. This EA is free and not limited in any way.