The FX Compass indicator predicts the probable direction of the price movement and displays 10 levels for buying and selling.
The indicator can be used on any timeframe and any currency pairs.
Before the practical application, the indicator parameters should be adjusted so that the buy and sell levels cover the price on the entire quotes history. It is recommended to fully download the entire quotes history beforehand.
Once the indicator is configured, buys are performed based on the buy levels only when a rise is predicted; opening sell orders is not advised. Sells – based on the sell levels, when a falling trend is predicted, opening buy orders is not advised.
The indicator settings
- Channel – parameter for adjusting the prediction (for example, 0,0018 for EURUSD on the М30 timeframe)
- Delta – step for following the buy and sell levels (for example, 0.0005 for EURUSD on the М30 timeframe)
- CLR_Forecast – display color of the predicting line
- CLR_Buy – display color of the buy levels
- CLR_Sell – display color of the sell levels
This is the first version of the indicator. Feel free to leave reviews and suggestions to extend the capabilities and functionality. I will make sure to make the improvements.