StretchTurnLevels
- Indicators
- Version: 1.10
- Activations: 5
Stretch Turn Levels marks turning points on the chart. Instead of arrows, it draws the level that matters for each turn and tints the candles while that turn is still in play. There are no buy or sell calls: it shows the situation, and you decide what to do with it.
What you see on the chart
- Turn level - a line at the extreme of each turn: under an up turn, above a down turn. It runs to the right until a candle closes beyond it, so you can see at a glance whether the turn is still holding.
- Tinted candles - candles are coloured green while an up turn is in play and red while a down turn is in play. The colour stops as soon as the turn is over, or when a candle closes beyond the turn level.
- Plain candles mean no turn is in play. Most of the chart stays plain, so the tinted stretches stand out.
- A small legend in the top-left corner explains the colours, so the chart reads on its own. It can be switched off.
Alerts
- One alert for every new turn, sent when its candle has closed, with the symbol, timeframe, direction and turn level.
- Popup, sound, push notification to the MetaTrader mobile app, and email. All off by default.
Settings
The defaults work as they are: attach it to a chart and it runs.
- Signal - sensitivity, and whether to show up turns, down turns or both.
- Display - levels and candle tint on or off, colours, line width, how long a level is drawn at most, legend and its text size.
- Alerts and Performance.
Notes
- Never repaints: every candle keeps the value it had when it closed, and a turn appears only after its candle has closed.
- Works on any symbol and any timeframe: forex, metals, indices and crypto. It also works on non-standard timeframes such as M3 or M12.
- It repaints the chart only when something has changed, so it stays light even with many charts open.
- It has no output buffers, so nothing it calculates can be read by Expert Advisors or other indicators.
- It works on a chart and in the Strategy Tester in visual mode.
- The indicator does not open or manage trades.
- It is a chart-reading tool, not a trading system. A turn does not guarantee that price will move in its direction. Use it together with your own analysis and risk management.
