This indicator captures trend reversals in the form of spikes.
Bearish Sentiment can be found here: https://www.mql5.com/en/market/product/20800
- Length: Default is 120 - Lowering length value will increase the number of spikes and increasing it will decrease the number of spikes.
- Bars History: This is how many bars you want shown on the chart.
- This indicator gives the trader buying opportunities in the form of spikes.
- Spikes that form past 10, 36, and 52 levels are considered to be "signals", but those levels can be changed due to the traders preference.
- Works with all currency pairs, but works best with majors such as EURUSD, GBPUSD, USDCHF, USDJPY, AUDUSD, and USDCAD.
- The recommended time frames for this indicator are M15, M30, and H1, however if you would like to use it for scalping make sure you are following the trend of a higher time frame.
- There are false signals, as with any indicator, and those happen during heavily trending markets which is why it is important to use this indicator in conjunction with something else such as support and resistance.
- Trend continuation signals can be found on lower time frames following a higher time frame trend.
- After current bar close, this indicator does not repaint.
- This indicator can be used with an EA
- This indicator performs better with brokers that have higher quality of quotes.
- When testing the indicator in the strategy tester, make sure that all M1, M5, M15, M30, H1, H4, and D1 history is downloaded, otherwise the indicator will not work.
- If there are several major gaps in your history this will cause problems and lead to a lot of false signals.
- Feel free to message me with any questions.