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.
Can use time and sales data if mode is set to TOS.
- Spike Alert - Set alert to true if you want to be notified by the MetaTrader 5 terminal. Same alert function since version 1.0.
- Impulse Alert - Set alert to true if you want to be notified by the MetaTrader 5 terminal for price spikes that occur 1 minute from each other.
- Notification - Set notification to true if you want the notification to be sent to MetaTrader 5 mobile app.
- Alert Type:
- Every Price Spike - if you want to be notified for every price spike that appears, regardless of its direction.
- Different Price Spike - if you only want to be notified of the first price spike that has a direction different from the existing trail of price spikes.
- Spike Position
- Plots the microtrend after n positions from the first new price spike on a different impulse direction.
- Applicable to both Normal and TOS modes.
- Spike Position Alert
- Alerts you when a new microtrend has just been plotted.
- Applicable to both Normal and TOS modes.
- Mode (Default = TOS)
- Normal. Follows normal operation.
- TOS operation. Uses Times and Sales.
- TOS Width -Thickness of the TOS Line
- Bullish TOS - Color of the TOS Line when it turns bullish.
- Bearish TOS - Color of the TOS Line when it turns bearish.
- Divergence Line - Set to true if you want the Divergence Line to appear.
- Divergence Name - Give the name of the Divergence Line.
- Bullish Divergence - Color to be used for the Divergence Line when it is bullish.
- Bearish Divergence - Color to be used for the Divergence Line when it is bearish.
- Strengthening Divergence Width - Width of the Divergence Line when it has a larger volume at the start of the price spike trail, compared to the volume at the end of the previous price spike trail.
- Weakening Divergence Width - Width of the Divergence Line when it has a smaller volume at the start of the price spike trail, compared to the volume at the end of the previous price spike trail.
Global variables written
- [BI][Symbol][Direction] - It is the direction of the new price spike trail.
- [BI][Symbol][StartPrice] - It is the starting price of the new price spike trail.
- [BI][Symbol][Impulse] - It is the duration in minutes between each price spike and the previous one.
How to use
- Normal Mode
- 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 Spike Position and Spike Position Alert).
- TOS stands for Time and Sales.
- A TOS line will appear when mode is set to TOS.
- It will change colour to "Bullish TOS", when time and sales volume turns bullish.
- It will change colour to "Bearish TOS", when time and sales volume turns bearish.
- Best traded together with Last Price.
If the Divergence Line is sloping at a direction different from the price spike trail or has weakening strength width, it could indicate that the price spike trail is reversing soon.
Please ensure that you have the ZigZag indicator, as this indicator depends on it.
a) Bullish Microtrend - Capture number of price spikes after n position in Bullish Microtrend.
b) Bearish Microtrend - Capture number of price spikes after n position in Bearish Microtrend.
c) Elapsed - Capture the duration between each price spike and the previous one.
2) Original Alert as known in previous versions has now been renamed to Spike Alert.
3) Impulse Alert can now be configured to alert 1 minute price spikes.
4) Removed user inputs for Strengthening Volume, Weakening Volume widths.
The divergence line will now detect the volume at each price spike and auto-adjust its width.
5) All alerts have been toggled off by default.
6) Bug Fixes included:
a) Shifted the index to the right so that now the price spike is more aligned with the price in time.
b) Internal angle bug computation fixed.
Signal generation for start of new price spike trail can now be configured.
You can use time and sales data if mode is set to TOS.
Now, a user can use TOS mode to take point and only trade when both modes (Normal/TOS) indicate the same direction.
2) Included 2 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) SpikePostAlert 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.