I present you quite an interesting work. The indicator includes numerous types of price analysis and is designed for all types of trades. The indicator is composed of two parts - informative and operational.
The first part informs the trader about the open or closed state of the trading session of three currency markets (New York, London and Tokyo). The current time for these exchanges is determined based on the local time of your PC with consideration of the time difference. The national holidays and memorial days are also considered non-operational. Their dates are taken from the official sites of the corresponding exchanges from April 1 to December 29, 2017. This indicator block can be enabled or disabled using an input parameter. If the block is enabled, the current time for each exchange will be shown in the top right corner. If the clock is displayed in red, then the trading session is closed in the respective market.
The second and main part performs various mathematical and logical analysis of the selected instrument's price, it works on any timeframe and any financial instrument. As a result of its own calculations the indicator displays the current direction of the market, displays the important support/resistance levels in accordance with the selected input parameters. The operational part of the indicator may seem complicated at first, but an instruction for easy operation is provided below with an example of usage.
- working period - period, the number of bars to calculate the channel and moving average. (Minimum value is 2).
- the analyzed period - the number of bars to calculate the levels and unique moving average. The indicator line of unique moving average is shifted right by the specified number of bars. (Minimum value is 1, maximum value is one less than the working period parameter)
- probability in percent - this parameter is designed to display various correlations or reversals with the probability percentage higher than the specified value. (Values between 0 and 100. The most suitable are from 50 to 75). At very low values, the levels will change frequently, and at very high values, these levels may simply not be found.
- MA method - smoothing method for the main moving average line named "Moving Line".
- Show Clock - show the clock, if set to false, the informative part of the indicator will be disabled.
Assume that the program is started with the default settings. "Moving Line" shows the moving average line for 10 period, processing the High and Low prices, and with the simple averaging method. The red (Selling) and blue (Purchase) histograms show the direction of the market. The channel line (Channel) shows the respective values of the last Highs and Lows for 10 periods. The orange and light blue levels are the resistance levels for the ascending and descending trends, which are converted into support levels when passed. "UM Line" is the moving average line that is calculated based on the original algorithm, and which is designed for determining the market exit points. (When crossed by the "Moving Line" or price graph).
So, for a short-term trading, open a trade in the trend direction when the price is closest to the "Moving Line" and is moving in the direction of the market.
For a long-term trading, open a trade when the price rolls back from a level and moves backwards or breaks the level and moves further.
A few tips on configuring the input parameters for different strategies:
On smaller timeframes (up to M30), set the working period from 3 to 8, the analyzed period from 1 to 5, so that the value of "UM Line" is within the values of "Moving Line" and "Channel" when possible, the probability in percent from 35 to 60.
On the medium timeframes (from M30 to D1), set working period from 5 to 10, the analyzed period from 3 to 8, so that the value of "UM Line" stays outside the values of "Moving Line" and "Channel", the probability in percent from 50 to 75.
On the timeframes D1 and higher, the working period from 10, the analyzed period from 5, the probability in percent up to 80.
Contact me if you have any questions regarding the program, I will be glad to answer them. I wish you successful trading.