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KLEO CONSO MT4

KLEO CONSO МТ4 is a consolidation channel. This indicator is not just a tool for visual analysis. It contains a complete solution that can form the basis of the trading system. The indicator allows users to quickly test the system parameters, trade manually or use it as part of an Expert Advisor. The indicator works on various currency pairs and time frames. 

The indicator:

  • looks for price consolidation periods and draws the Consolidation channel. The levels of the channels serve as landmarks for market entry,
  • generates signals for opening and closing trades,
  • marks trades on the chart and displays their results,
  • calculates trading statistics.

By changing input parameters, we can immediately see potential trading results. In other words, the indicator allows users to test the system and select optimal parameter values for a particular currency pair and chart period.


Description

  • If the price change range for Period bars does not exceed Range points, it is considered that consolidation has started. Color of levels is yellow. The channel is recalculated when a new bar appears till the price movement range exceeds the specified limit.  
  • When the price exceeds the specified range, the channel recalculation is stopped and the levels are fixed. Color of levels is green. The levels are valid till the next consolidation starts.
  • Channel levels are created with shifts of Shift from High and Shift from Low points.
  • In case of one of the level's breakthrough a mark appears on a chart and the market entry signal is formed.
  • Trading time specified by Start time and Close time parameters is considered when opening trades. 
  • At the beginning of the next consolidation, the trade is closed, the mark is set at the close level and the result is displayed.
  • The following trading statistics is calculated for a period starting from Start and ending by Stop year: total profit, total loss, resulting profit, number of profitable/loss-making trades, profit factor. The statistics is displayed in the tooltip when hovering the mouse cursor over the trade result. Profit/loss values are calculated in points.
  1. Names of modes and parameters are written in bold type.
  2. All the input parameters are specified as for 4-digit quotes.
  3. Default colors are picked for the black on white color scheme of the chart.


Buffers

Buffer index Name and purpose
0 High level - Upper level of the consolidation channel. 
1 Low level - Lower level of the consolidation channel. 
60 Trade buffer - Signal buffer. At the moment of the channel's breakthrough, the buffer takes the value of the exceeded level. That serves as a market entry signal. The value is positive in case of a buy signal or negative in case of a sell one. The buffer value reset is a signal for the market exit.


Parameters

CONSOLIDATION  CHANNEL parameters  Description of the parameters 
---------------Channel parameter------------------- Channel parameters.
Time Frame Initial period of the consolidation.
Range  Maximum range of the price change ((High - Low) value for the Period period) to consider that prices are consolidating.
Shift from High Channel's upper level shift in points.
Shift from Low Channel's lower level shift in points.
------------------------Trading-------------------------- Trading
Show trades Show trades on the chart. On/Off - enabled/disabled
 Start time  Operation start time.
 Close time  operation end. (Start time > Close time) means overnight working time. (Start time = Close time) means twenty-four-hour operation. Outside of working hours, the color of channel levels is white by default.
Color   Color of the trade result text and trade line.
 ------------------------Test period-------------------- Period for calculating statistics.
 Start  Start year.
 Stop  Stop year.

Be careful when changing Period and Range parameters!

  • if Period value is too big and/or Range one is too small, there may not be periods matching the specified parameters and therefore, the indicator cannot be generated.
  • The more stringent conditions are set by these parameters, the slower the calculation is performed.


Screenshots

Screenshots Symbol Chart period
Time Frame Range Shift from High / Low  Working hours  Start / Stop
1
GBPUSD H1 5 20 20 / 20  Around the clock  2013 / 2014
2 GBPUSD H1 5 20 20 / 20  8:00 - 23:00  2013 / 2014
3
EURUSD H1 60 20 10 / 10  Around the clock  2013 / 2014
60
EURJPY H1 5 25 10 / 10  Around the clock  2012 / 2014

For more examples see the description and visit the Comments tab of the MetaTrader 5 version of the indicator.


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