The Compass indicator works by using the author's formula for calculating the trend strength and direction, taking into account volatility for a certain period of time.
Compass Indicator does not redraw values and generates a signal on the current bar!
The main advantage of Compass is the timely determination of trend reversal and continuation moments, price correction and continuation of the long-term trend.
Basic signals of the Compass indicator:
- Beginning of the trend reversal.
- Beginning of trend correction.
- End of trend correction.
- End of trend.
Compass Indicator has a minimum of settings, which are easy-to-understand.
Compass Indicator notifies of the emergence of a new trading signal using graphical objects and built-in sound alerts.
Compass can be used on any currency pair and timeframe. However, we recommend using timeframes M15 and higher.
Compass Indicator is suitable for intraday trading and long-term systems. Can be used in combination with other indicators and on its own.
Inputs of Compass Indicator
- Indicator_Period_1 - indicator period for trend analysis
- Applied_Price - price used for calculation
- Mode_Method - smoothing method
- Indicator_Period_2 - indicator period for trend analysis
- Volatility - volatility calculation factor
- Offset - offset factor
- Alert on/off - enable/disable sound alerts ("0" - disabled, "1" - enabled)