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FxGlow Tight Congestion MT5

This unique indicator detects congested price action range formations.

Areas are marked with boxes which can be used to trade breakouts, pullbacks and reversals.


Expectations

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 with the right strategy.


Combination

Trade Range breakouts with the trend to increase probability by combining with FxGlow Force Factor.

You can check the strategy on this video link https://youtu.be/lAOYs1RqsWU

Use an alternate exit strategy by combining with FxGlow Zone Barrier.

You can check the strategy on this video link https://youtu.be/GW_r0VytxiY?t=20s


Key features

  • 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 and resistance trading
  • Useful for price action trading
  • 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


Settings

  • Period - number of bars used for calculation
  • Factor - max volatility factor used to detect ranges. Increasing value draws more congested zones
  • Max Bars - maximum number of history bars used


How to use

This indicator detects two types of congestion
  • Regular Congestion = zone shaded gray which represents ranges with average volatility
  • Tight Congestion = zone shaded blue which represents more congested price action and ranges with low volatility

Limits

  • Resistance Line = area where we can buy for a possible breakout
  • Support Line = area to sell for a possible breakout

Zone

  • 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


Notes

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.

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Version 3.0 - 2017.03.23
More compatible to build update.