The Navigator indicator enables you to determine the correct direction of the price and target movement.
It checks the history for a similar situation and shows further development of events.
- Sample - number of the last bars in a sample the indicator will search for.
- MaxBars - maximum number of bars in history for the sample search. This parameter is used to exclude very old historical data as the market changes over time. If the MaxBars value is greater than the number of bars in history, the search will be done using all available historical data.
- Price - prices based on which the indicator is calculated: Close, High, Low, Median, Typical and Weighted.
- MaPeriod - period of the Moving Average. If MaPeriod < Sample, this parameter has virtually no effect on the indicator calculations. If MaPeriod > Sample, the indicator will search for the sample, given the position of the latter relative to the moving average.
- Scaling - scaling option, if Scaling=true, the indicator will search for the sample that is similar in terms of the signal form; if Scaling=false, the indicator will search for the sample that is similar both in terms of the signal form and amplitude (range).
How to Use the Indicator
If you hover the mouse over the indicator line, you will see the date of the similar situation.
It is better to use Navigator on multiple time frames or different instruments or data simultaneously. The indicator gives a stronger signal if values obtained simultaneously from different data sets match. Please see screenshots for further examples of use.
Before running Navigator, make sure that the required amount of price history is available.