FxGlow Tight Congestion
This unique indicator detects congested price action range formations.
Areas are marked with boxes which can be used to trade breakouts, pullbacks and reversals.
To achieve more accurate trading, please use this tool in addition or support to the system you are using. This tool will perform better if combined to the right strategy.
Trade Range breakouts with the trend to increase probability by combining to FxGlow Force Factor
You can check the strategy on this video link https://youtu.be/lAOYs1RqsWU
Use an alternate Exit Strategy by Combining to FxGlow Zone Barrier
You can check the strategy on this video link https://youtu.be/GW_r0VytxiY?t=20s
- Detects congestion and range formations
- Regular Congestion
- Tight Congestion
- Draws areas where price can test again which are effective for the following:
- Pullback trading
- Reversal trading
- Support & Resistance trading
- Useful for price action trading
- Check image example here http://postimg.org/image/z7gperybr
- Watch an example application https://youtu.be/xgSrAKkRNEQ?t=55s
- DOES NOT Repaint
- DOES NOT Recalculate
- Signals on CLOSE of Bar
- Works in ALL pairs
- Works in ALL timeframes
- Can be used for Expert Advisors
- Implements Popup, Email, Push Notification and Sound Alerts
- Period - the number of bars used for indicator calculation
- Factor - the maximum factor to limit number of ranges. Increasing the value will detect more ranges
- Maximum History Bars - the maximum number of past bars used
- Projection - Show/Hide previous support and resistance levels
- Shade Congestion - Show/Hide congestion color shading
- Activate Alert Box - Enable/Disable MT4 popup alert
- Activate Email Alert - Enable/Disable alerts send via email
- Activate Push Notification - Enable/Disable alerts send through your smart phone
- Activate Sound Alerts - Enable/Disable audible alerts
- Sound Alert File Name - file name of sound to be played
How to useThis indicator detects 2 types of congestion
- Regular Congestion = Zone shaded gray which represent ranges with average volatility
- Tight Congestion = Zone shaded blue which represent more congested price action and ranges with low volatility
- Resistance Line = Area where we can buy for a possible breakout
- Support Line = Area to sell for a possible breakout
- Boxes represent zones which we can project. This zones are areas where price can pullback and test again.
- Zones are good locations to find reversals, pullbacks and candle patterns
This indicator is a manual trading tool that can be used in many ways.
To test its effectiveness to your current trading systems, please take time to Test the Free DEMO first.
Changed some input names
Added the buffer index number on the "About" section for developer purposes