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BiDirectional Indicator

Non-Repainting Indicator that sounds an alert for every price spike in any direction on period M1 to H1.

You can use this indicator on any period from M1 to H1 without the need to configure any moving average period.


Indicator Parameters

alert

  • Set alert to true if you want to be notified by MT4 platform.

notification

  • Set notification to true if you want the notification to be sent to MT4 mobile app.

alert_type

  • EveryPriceSpike - if you want to be notified for every price spike that appears, regardless of its direction.
  • DifferentPriceSpike - if you only want to be notified of the first price spike that has a direction different from the existing trail of price spikes.

spikePos

  • Plots the microtrend after n positions from the first new price spike on a different impulse direction.

spikePosAlert

  • Alerts you when a new microtrend has just been plotted.


How to use

Using the trend direction derived from Angular Momentum Indicator, wait for the adverse price spike trail to be completed, then fire a trade when you see a price spike that follows the trend.

You may want to wait for the price spikes to form 3 in a row before firing a trade (using spikePos and spikePosAlert).


Prerequisite

Please ensure that you have the ZigZag indicator, as this indicator depends on it.

No reviews
Version 1.2 - 2017.03.02
1) Default Alert Type has been set to DifferentPriceSpike.

2) Included two more configurable parameters, spikePos and spikePosAlert;
i) SpikePos only plots the microtrend after n positions from the first new spike on a different direction.
ii) SpikePosAlert alerts the user when a new microtrend has just been plotted.

3) Alert messages replace wordings from Buy to Long and from Sell to Short.
Version 1.1 - 2017.02.24
(Version 1.1)
A neutral line is added at the beginning when there is no price spike. It is white in color to indicate no price spikes when you first start the BiDirectional Indicator. This is a minor change. But you will need to update the index if using it as a custom indicator in an EA.

Notification Alert is added to BiDirectional Indicator (MT4)

Alert/Notification modes:
1) Every Price Spike (for the scalper who wants to be alerted all the time)
2) Different Price Spike (only to be sent if they are uniquely different from the previous signals) - if you prefer to just know the change in price spike signal