The arrow indicator 'Magneto Flash" is based on candlestick analysis and does not use built-in terminal indicators. It determines entry points in the current candlestick (a signal can be canceled) and informs about a confirmed signal on the next candlestick.
Indicator setup and use
Only two parameters can be used for optimization - the hour of the beginning and end of chart analysis period. These data for some instruments will be available in product comments page, but you can easily find your own optimized parameters following the instruction. What you need to do in order to find optimal settings:
- Load history for the current timeframe (for example by holding the Home key)
- Set the values of "Start hour" and "End hour" so that the value of "Next bar profit [Close]" (text information on the chart) would be positive and maximal. I first test the values from 0 and higher for "Start hour" until the maximum value of "Next bar profit [Close]" is achieved, then I try values for "End hour" starting with 24 and decreasing it, by the same principle. You can also visually set a comfortable working range based on signals obtained on history.
Then choose an appropriate operation style. You can enter based on the current candlestick signal (marked with an arrow and a flickering rectangle) and try to catch larger profit. But you should understand that such a signal can be canceled. Another option is to open a position once the signal on the previous candlestick is formed (a sound notification or a popup window). Options for position exit:
- Set a take profit value based on "Average TP" calculated by the indicator
- Exit at the candlestick close
- Use your own levels (such as support/resistance levels, round numbers, etc.) to try to maximize profit.
- Start hour - analysis start hour (server time).
- End hour - analysis end hour (server time).
- Arrow pointgap - the distance from the candlestick's high or low to draw an indicator arrow.
- Info - show or hide information.
- Alerts - enable or disable alerts.
I hope, this product will be helpful. Good luck!