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Kangroos and Shadows

Kangaroo Tail and Big Shadow indicator

as described in Naked Forex book.

This indicator includes also checks for RSI and Bollinger bands to give a better hint if the printed Kangaroo is a strong one or not.

User can configure how many candles are there to be checked for the "room to the left" per default the setting is at 15.

The indicator sends out an alert to the user and prints out an arrow where the big shadow and kangaroo is formed.

Works on every time-frame, Forex pairs, stocks, whatever there is on MT4.

Possible to show historic Kangaroo Tails and big shadows

Contact me for support.

Alert example:

Kangaroo 
Symbol: GBPJPY
 Timeframe: 1440M 
Type: Sell 
Price: 135.05000000 
SL: 135.92600000 - 88 Pips 
TP1: 133.83555000 - 121 Pips 
TP2: 131.83435941 - 322 Pips 
RR: 3.67:1 
C1: OK C2: NOK C3: OK C4: OK C5: NOK 
C6: NOK C7: NOK C8: OK C9: NOK C10: OK 
Bollinger: OK

Time: 2020.07.09 00:00


C1 to C10 are the previous candles from the Kangaroo and an indication if the kangaroo is larger (OK) or smaller (NOK) as the respective candle. e.g. C6 NOK means the sixth candle from the Kangaroo Tail is larger that the Kangroo candle

RSI indicator is depending on the threshold which can be set individually, default setting for sell is 32, and for buy 60. If the tail or shadow is below (sell) or above (buy) that threshold, OK is given

Bollinger indicator is checking if the tail is is lower (in case of buy) or higher (in case of sell) than the lower/upper Bollinger band.


I'm open to comments and suggestion to make it more user friendly.

If you buy Full time subscription, you'll get an invite to my two telegram channels 1. For 1 Minute Indices and 2. For 4H major Forex pairs. You will get notifications directly on your phone.

Input paramaters:

Parameter Comment Default value 
metatraderAlerts Default notification in MetaTrader4, can be switched off, if you only prefer Telegram notifications  true
numberOfCandlestoCheck Number of previous candles to be checked, if the price has been there  15
rsiValueTop RSI top threshold value  60
rsiValueLow RSI bottom threshold value  32
historicCandles  How many numbers should be checked in the past when the indicator is initiated  500
useOwnTPFactor  Boolean value to use your own defined target profit factor. Set it to true, if you want to use it  false 
ownTPFactor Defines the TP factor you want to use e.g. 2.5 times the stop loss value  2.5 

Note: This indicator does not guarantee any profits, instead it is a help instrument to get better on your trading and helping making a decision

Reviews 1
rmuehlfelt
70
rmuehlfelt 2020.08.09 23:12 
 

Fantastic indicator and great support. Constantly looking for improvements and feedback on how to make it more optimal. Indicator does not reprint either. Highly recommend.

Recommended products
Filter:
rmuehlfelt
70
rmuehlfelt 2020.08.09 23:12 
 

Fantastic indicator and great support. Constantly looking for improvements and feedback on how to make it more optimal. Indicator does not reprint either. Highly recommend.

Version 1.8 2020.09.04
You can now use your own defined TP factor instead of the bollinger bands
- Added two new input variables
- useOwnTPFactor true or false
- ownTPFactor defines the target profit factor you want to use
Version 1.7 2020.08.17
Made a mistake with the Telegram, found out that web requests are not possible from an indicator, they only work through EAs, so the telegram changes were reverted
Version 1.6 2020.08.07
Added possibility to send notifications to Telegram and able to switch of MetaTrader Alert
Four new inputs parameters
- telegramAlerts - default set to false, as you need configure the bot and channel on your own
- metatraderAlerts - default set to true, for notifications sent to Metatrader
- channelName - Telegram channel name including @
- botToken - Telegram bot token once you create it
Version 1.5 2020.07.16
Added a parameter "historicCandles" how many candles to check back into history, as a wish from the ones who bought this. It now makes it easier to back test the indicator. Default value 500. Does not work perfectly, meaning all the symbols have the same color, but I'm working on it to improve it.
Version 1.3 2020.07.10
Fixed display issue in the notification message
Version 1.2 2020.07.10
Change in the notification message including Risk-to-Reward-Ratio and number of pips:

Example message:
Kangaroo
Symbol: GBPJPY
Timeframe: 1440M
Type: Sell
Price: 135.05000000
SL: 135.92600000 - 88 Pips
TP1: 133.83555000 - 121 Pips
TP2: 131.83435941 - 322 Pips
RR: 3.67:1
C1: OK C2: NOK C3: OK C4: OK C5: NOK
C6: NOK C7: NOK C8: OK C9: NOK C10: OK
Bollinger: OK
Time: 2020.07.09 00:00
Version 1.1 2020.07.01
Fixed Bollinger check string which was in wrong format