Spearman Rank Correlation More Options CTAA
Spearman Rank Correlation indicator featuring enhanced entry and reverse signals
Any overbought or oversold zone can be adjusted using Cross Buy or Cross Sell levels (Option 1 = true; Cross Buy and Cross Sell are set by user, if Option 1 = false, it means that this option of generating signals is not applicable).
The signals can be generated by crossing over the 0 level, this is Option 2. Please note that there are no reverse levels attached to this option. This option is set up as supplementary just in case. It may be useful for some reasons.
Vertical lines (Red – Sell, Green – Buy) located in the indicator zone reflect exact point of crossing over the main curvy line (the Spearman correlation). These points are entry points on the chart.
All signals generated by the indicator do not redraw.
Every signal has its Stop level (or Reversal point). Reversal points in this indicator indicate the resistance and support levels.
All levels (Reversals) can be adjusted according to a trader’s requirements using the ReversPip parameter. In it one can specify the number of pips up or down from the designated level for setting pending orders.
The sensitivity of Reverse levels can be adjusted using the ExtrRange parameter. It can have a value from 1 and higher. The recommended range of values is 5 to 30.