Price Action Strength Indicator
During the first 7 days of the launch (until 24.02.2017), the indicator will be sold at 50% of the final price of $190.
Price Action Strength indicator uses the purest form of data available in the market (price action) to indicate the strength of the market move. Reading price action and measuring its strength is a subjective matter and it is a technique that takes years to master. The purpose of the indicator is to make the reading of the price action strength as objective as possible.
The indicator is far more advanced then default oscillators, because in addition to the price movement and its direction, the Price Action Strength indicator looks at the characteristics of the movement. This enables you to see the market through the eyes of an experienced price action trader.
The indicator can be used to determine the strength of the market movement or trend. This information, in conjunction with the actual price movement, can be used to determine whether the price is going to reverse or continue in the current direction. It can also help you determine whether a breakout will carry over to a trend or if the move was just 'market noise' and a bigger movement of the price will not be likely.
The indicator can be a used as a stand-alone for a trading system and is an excellent addition to any manual or automated trading system since it objectively gives insight into the pure price action trading principles.
The indicator has two, non-repainting, outputs - one that shows the proportional price action strength and the other that shows the relative overlapping of the bars. Both buffers work on all the timeframes.
The 'Strength' buffer will calculate the relative strength of the price action compared to the inputted 'Period' amount of past candles. The information is visualised using a line in the separate window. An upward movement of this line indicates a bullish price action strength while a downward movement of this line indicates a bearish price action strength. The higher this line is, the more bullish the price action strength is, the lower the line, the more bearish the price action strength.
The 'Overlap' buffer will calculate the relative overlapping of the current bars compared to the inputted 'Period' amount of past candles. The information is visualised using a histogram. The higher the histogram, the stronger the price action strength considering the overlapping of the bars. In other words, the higher the histogram gets, the less overlapping exists between the bars, meaning the price has a concrete direction and it doesn't range, which indicates a strong move.
The 'Strength' buffer is calculated using many indications of price action strength, three of which are the average bull/bear bar size, the average bull/bear bars in a row and the average upper/lower wick size during the given period.
The 'Overlap' buffer is calculated using the average overlapping of the bars in comparison to the total bar sizes during the given period.
- 'Period' - the amount of candles the indicator uses to compare the current data to.
- 'Alerts' - if true, the indicator sends an alert notification to the MT4 terminal when the 'Strength' buffer crosses either above or below the 0-line with the symbol name the event happened on.
- 'Push notifications' - if true, the indicator sends a push notification when the 'Strength' buffer crosses either above or below the 0-line with the symbol name the event happened on.
- 'Emails' - if true, the indicator sends an email when the 'Strength' buffer crosses either above or below the 0-line with the symbol name the event happened on.