Coffie V1 indicator for metatrader
Seems nice - have you backtested it?
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Hello
The coffie indicator can help you find long and short entry signals in the market. When the 2 lines crosses upwards, it will mean a buy signal and when they crosses down it will mean a short signal.
However, these crosses should AT NO TIME be taken straight away as a trade signal, but you should rather use a trend indicator to determine the trend before hand and then use this indicator to spot entries in the same direction of the trend. There are a wide variety of trend indicators such as the MACD and others. You should use a trend determination method which you are most used to.
A volatily indicator is also much needed if you are using this indicator to scalp the markets. I recommend the Damiani Volatmeter to mix with this indicator into a trading method. Always wait for the volatmeter to become green first, then you should wait for the coffie indicator to produce a cross in the direction of the trend, then you can take the signal as it will has a higher probabilty of being a winning trade.
You are free to experiment with whatever combination you wish to make with these indicators. Both indicators are attached for download below.