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Roman5 Pullback Meter

This is a pullback meter indicator that shows us where the oversold and overbought zones are. It combines three different technical indicators: Regression Channel, ATR Channel and HIGH LOW Channel. When the price is above the Regression Channel and ATR Channel - it shows the strength is strong (green) OR when the price is below the Regression Channel and ATR Channel - it shows the strength is weak (red). Then it is a good idea to double check with currency strength to confirm. It often comes to pullback opportunity.


Parameters

  • Select_TimeFrame - you can choose any timeframe. Default is PERIOD__CURRENT.

Section_A - Regression Channel Settings

  • Use_Regression_Channel - True or False. It shows the Regression Channel meter bar. Default is True.
  • A_degree - Power of Polynomial: 1= Linear; 2= Parabolic; 3= Third-power. Default is 1.
  • A_kstd - Regression channel width. Default is 2.
  • A_bars - the number of bars used for the indicator calculations. Default is 144.

Section_B - ATR Channel Settings

  • Use_ATR_Channel - True or False. It shows the ATR Channel meter bar. Default is True.
  • B_PeriodsATR - averaging period for Average True Range indicator (ATR). Default is 18.
  • B_MA_Periods - averaging period for Moving Average indicator. Default is 49.
  • B_MA_type - Moving Average method. It can be any of Simple, Exponential, Smoothed or Linear weighted. Default is Linear weighted.
  • B_Mult_Factor1 - width channel #1 from ATR center. Default is 1.6.
  • B_Mult_Factor2 - width channel #2 from ATR center. Default is 3.2.
  • B_Mult_Factor3 - width channel #3 from ATR center. Default is 4.8.

Section_C - High/Low Channel Settings

  • Use_High_Low_Channel - True or False. It shows the High/Low Channel meter bar. Default is True.
    1. If your timeframe is M1, it will look back 25 mins.
    2. If your timeframe is M5, it will look back 2 hours.
    3. If your timeframe is M15, it will look back 6 hours.
    4. If your timeframe is M30, it will look back 12 hours.
    5. If your timeframe is H1, it will look back 24 hours.
    6. If your timeframe is H4, it will look back 2.5 days.
    7. If your timeframe is D1, it will look back 1 week.
    8. If your timeframe is W1, it will look back 1 month.
    9. If your timeframe is MN, it will look back 1 year.

Section_D - Pairs Settings

  • Pairs - MT4 symbol. You can have more than one symbol, like this EURUSD, GBPUSD. Default is EURUSD, GBPUSD, EURGBP, USDJPY, EURJPY, AUDUSD, NZDUSD, and AUDNZD
  • Map_Symbol_XAUUSD - a gold mapped symbol, for example your MT4 has GOLD symbol, so you can set Map_Symbol_XAUUSD = "GOLD". Make sure you add "XAUUSD" to the Pairs parameter.
  • Map_Symbol_XAGUSD - a silver mapped symbol, for example your MT4 has SILVER symbol, so you can set Map_Symbol_XAGUSD = "SILVER". Make sure you add "XAGUSD" to the Pairs parameter.
Mujeeb Abdul
1114
2016.03.02 19:09 
 

Excellent Indicator

Yeren
534
2015.08.18 17:13 
 

Well, this indicator works really . Especially when you look for a pullback indicator with currency analysis, this will meet your requirements.

Great job !!

Version 1.2 - 2015.08.21
Fixed alert condition.
Version 1.1 - 2015.08.20
Added UP or DOWN alert system.