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.
- 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.
- 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.
- Names of modes and parameters are written in bold type.
- All the input parameters are specified as for 4-digit quotes.
- Default colors are picked for the black on white color scheme of the chart.
|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.|
|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.|
|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.|
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.
||Time Frame||Range||Shift from High / Low||Working hours||Start / Stop|
||GBPUSD||H1||5||20||20 / 20||Around the clock||2013 / 2014|
|2||GBPUSD||H1||5||20||20 / 20||8:00 - 23:00||2013 / 2014|
||EURUSD||H1||60||20||10 / 10||Around the clock||2013 / 2014|
||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.
Watch for new publications in the Market!
I am waiting for your comments. Leave your feedback.
Wish you successful trading!