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Day Trading

The indicator constantly analyzes all timeframes from minute to weekly ones looking for considerable flat areas.

Every trader knows perfectly well that quotes consolidating for a while in a narrow channel are followed by a strong exit. Usually, the price quickly leaves a flat range moving in the direction of a breakthrough for a long time. These situations with great potential and a short stop make it possible to find the most suitable symbol. After being launched on any symbol chart, it immediately starts analyzing all timeframes from М1 to W1 for the four major symbols – EURUSD, GBPUSD, USDCAD and USDJPY.

Results are displayed on a separate window under the price chart. The window contains several columns with key parameters of graphical signals they can be sorted by:

  • 'Symbol' displays symbols in alphabetical order;
  • 'TimeFrame' allows setting timeframes in descending order from W1 to M1 or, vice versa, in ascending order from M1 to W1;
  • 'Direction' indicates a signal direction – Up or Down;
  • 'Pattern' displays the direction a pattern in (flat exit direction), thus prompting on a trade direction – buying or selling;
  • 'Age' displays a signal's age allowing traders to sort signals with the most recent and relevant entry patterns coming first;
  • The 'Chart' column displays charts of individual symbols mentioned above in accordance with a timeframe growth: EURUSD M1, М5, М15, М30, Н1, Н4, D1 and W1. Time intervals for the three remaining currency pairs are formed the same way afterwards.


Parameters

  • Symbols – names of financial instruments to be analyzed by the algorithm;
  • Is M1/5/15/30/H1/4/D1/W1/MN Timeframe Enabled – group of logical variables for setting timeframes the analysis is to be performed on;
  • SortBy – parameters to be used for sorting the table rows;
  • SortType – table sorting method;
  • MinRange – minimum width of an identified consolidation;
  • MaxRange – maximum width of an identified consolidation;
  • HighLowFilter – width of a time period for sorting out Highs and Lows;
  • MaxHistoryBars – number of candles the analysis is to be performed on;
  • BullZone – filling color of a consolidation area preceding an uptrend;
  • BearZone – filling color of a consolidation area preceding a downtrend;
  • BullArrowColor – arrow color indicating a consolidation breakthrough upwards;
  • BearArrowColor – arrow color indicating a consolidation breakthrough downwards;
  • FastPeriod – fast MA calculation period;
  • SlowPeriod – slow MA calculation period;
  • SoundAlert – accompany signals with sound alerts;
  • EmailAlert – notify of a formed signal via an email


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