KM-Strength Arrow is similar to my first free indicator Strength Box.
The differences between Strength Box and Strength Arrow:
- Strength Box is placed in a separate chart window and you take decisions according to its readings.
- Strength Arrow is placed in chart window and applies arrows of reversal levels. Take an advantage of Trailing Stop and close trades efficiently. Higher timeframes are recommended.
The indicator indicates buy or sell points based on Strength Box Period 5. Please see the screenshots for better understanding.
You can use it on any currency pair and any timeframe (results may vary). See the attachments. The indicator does not repaint.
What are the levels of indications?
- Crossing 70 and returning from 75 means a sell signal
- Crossing 30 and returning from 25 means a buy signal
Actually what is working behind this indicator:
When reading crossed overbought or oversold levels and returning from medium or extreme level, user will get a signal as a buy or sell arrow.
Examples of EURUSD M1, M5, M15, H1, H4, D1, W1, MN1 are given in the screenshots.
Please take a look and have you any trouble, do not hesitate to contact me.