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BiDirectional

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.


Indicator Parameters

  • alert - Set alert to true if you want to be notified by MT5 platform.
  • notification - Set notification to true if you want the notification to be sent to MT5 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.
    • Applicable to both Normal and TOS modes.
  • spikePosAlert
    • 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.
  • tosWidth - Thickness of the TOS Line
  • tosBullish - Color of the TOS Line when it turns bullish.
  • tosBearish - Color of the TOS Line when it turns bearish.


How to use

  1. 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 spikePos and spikePosAlert).
  2. TOS Mode
    • TOS stands for Time and Sales.
    • A TOS line will appear when mode is set to TOS.
    • It will change colour to tosBullish, when time and sales volume turns bullish.
    • It will change colour to tosBearish, when time and sales volume turns bearish.
    • Best traded together with Last Price.


Prerequisite

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

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Version 1.4 - 2017.06.13
Bug Fix for global variables deletion pertaining to BiDirectional variables during indicator loading and unloading.
Version 1.3 - 2017.05.29
TOS Line is added.
Version 1.2 - 2017.05.19
New setting: Mode
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.
Version 1.1 - 2017.03.03
1) Default Alert Type has been set to DifferentPriceSpike.
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.