The SRVector indicator is now available for MetaTrader 5. This indicator is based on short-term support and resistance levels. The indicator provides signals using two market patterns (Signal 1 and Signal 2) that can be enabled or disabled in the input parameters. When a signal is triggered, a recommended StopLoss level is displayed that may follow the price (according to Trailing Stop principle).
Signal 1 is not recommended for use on timeframes higher than H1. Signal 2 is not recommended for use on timeframes lower than M15.
The indicator displays Signal 1 arrows at the opening of the current bar, while Signal 2 ones are displayed when the price crosses a support or resistance level.
- Type Signals - select signals: both (All_Signals), only Signal 1 (Only_Signal_1) or only Signal 2 (Only_Signal_2);
- Type message - notification type: Journal, EMail, MT_Mobile (mobile terminal) or MessageOFF (disabled);
- Give sound signal - sound signal;
- Give alert - alert.
The alert message contains a symbol, a signal direction (BUY/SELL) and recommended Stop Loss.
Signal 2 parameters
- NumBar (Signal 2) - number of bars for SR levels breakthrough. Recommended range of values is 2-4. The higher the NumBar, the more frequent the signals;
- OnlyTrend - filter for trading by trend. The presence of the trend is estimated by the last three SR levels;
- WidthSR - minimum distance between SR levels in points.
- when trading, use Stop Loss specified by the indicator;
- Take Profit is defined by a trader;
- if the indicator stops displaying Stop Loss, while Take Profit is not reached yet, close the trade at the first profitable opening of the bar;
- Trailing Stop should follow a trade along the indicator line;
- do not enter the market against a trend. Open a position in the direction of a trend or during a flat movement.
2. Fixed the indicator logic concerning the late entry 2 signal arrival (Signal 2).