Bill Williams SquatGreenFadeFake patternFinderFREE
This indicator will signal when a squat, green, fade or fake appears.
- You can set the indicator to show only the signal you want it to show:
for example if ShowSquat is true, the squat indicator will be shown
- You can set the color of each signal:
for example if SquatColor is Blue, the squat indicator will be blue
- You can set whether a signal gives an alert:
for example if SquatAlert is True, the squat indicator will give an alert
- You can set the sensitivity of change in MFI and change in Volume:
for example if MFIsensitivity is 1.1, a change of 10% of MFI will be sufficient
The indicator will work on any time period.
What do the signals mean:
Each signal is a combination of a change in MFI and a change in Volume.
The MFI is the market facilitation index. It is a measure of change in tick price over volume.
Green (+ tick volume, + MFI): a green indicates a green light for market movement. It is a breakout signal and you should go with whatever direction the trend is (more players entering the market, arriving players biased in direction of trend, price movement picking up pace)
Fade (- tick volume, - MFI): a fade occurs when the market is taking a breath or losing interest. A fade is the opposite of a green.
Squat (+ tick volume, - MFI): a squat is the strongest potential money maker of the four indicators, virtually all moves end in a squat, however not all squats mean an end so they are a fantastic tool to use for confirmation of the end of a trend. Squats is the last battle of buyers and sellers it means lots of buying and selling but little price movement. The breakout after a squat can be profitably traded.
Fake (- tick volume, + MFI): a fake means price movement but for some reason a drop in volume so you should beware in a fake. Market manipulation is a threat during a fake. Often a fake indicates a pause in market activity before a take off and breakout.
The highlighted text is what's in pro version.
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If there is anything you feel could be added to this indicator please email firstname.lastname@example.org. I am prepared to add anything requested to improve.