Synthetic Reverse Bar
Synthetic Reverse Bar is an evolution of Reverse Bar indicator.
It is well-known that candlestick patterns work best at higher timeframes (H1, H4). However, candlesticks at such timeframes may form differently at different brokers due to dissimilarities in the terminal time on the single symbol, while the history of quotes on M1 and M5 remains the same! As a result, successful patterns are often not formed at higher timeframes!
Synthetic Reverse Bar solves that problem! The indicator works on M5 or M15 but displays synthetic reversal bars than can be formed on higher timeframes.
Besides, the indicator allows users to perform visual analysis of the reversal pattern's contents (the way the pattern was formed) and make decision on placing a pending order based on such analysis.
The indicator has two operation modes. Select Mode settings:
1. Set Time Frame - the size of the synthetic reversal bar is set by a higher timefeame.
2. Custom Set Synthetic Bar - the size of the synthetic reversal bar is set manually (by the number of bars on the current timeframe).
- Max Bars – number of bars calculated on the chart;
- Select Mode – mode selection;
- 1. Set Time Frame – selecting higher timeframe. (The value should be greater than the current timeframe!);
- 2. Custom Set Synthetic Bar – set the size of the synthetic bar manually;
- Show Only Strong Patterns – display only strong patterns (the bar is bullish at the bullish reversal, while it is bearish at the bearish reversal);
- Signal Alert – use an alert when a reversal pattern appears;
- Show Arrow – display by arrows the level for placing a pending order (the level is set without considering spread);
- Indent Arrow Pips – order level indent;
- Set Smart Filter – setting the additional possible reversal filter;
- Enabled Smart Filter – filter activity;
- Calculate Period – filter's calculation period;
- View Settings – reversal bar's display settings;
- Up Bar Cond Color – color of the border of the bullish reversal bar body;
- Up Bar Font Color – color of the filling of the bullish reversal bar body;
- Dw Bar Cond Color – color of the border of the bearish reversal bar body;
- Dw Bar Font Color – color of the filling of the bearish reversal bar body;
- Show Prev Bar – show previous bar;
- Prev Bar Cond Color – color of the previous bar's border;
- Prev Bar Font Color – color of the previous bar's filling;
- Width Body Line – bars' border width;
- Width Shade Line – bars' shades width;
- Check Synthetic Awesome Oscillator – check Awesome Oscillator indicator's histogram value according to strategy of B. Williams;
- Set Alligator – filter settings for Alligator indicator;
- Add Alligator On Chart – add Alligator indicator on the chart automatically;
- Check Alligator – check Alligator filter;
- Mode Alligator parameters – mode of Alligator indicator parameters calculation (automatic recalculation of 13, 8, 8, 5, 5, 3 parameters according to the synthetic bar's size or custom setting);
- Jaw Period (for Custom Set) – custom period setting for Jaw;
- Jaw Shift (for Custom Set) – custom shift setting for Jaw;
- Teeth Period (for Custom Set) – custom period setting for Teeth;
- Teeth Shift (for Custom Set) – custom shift setting for Teeth;
- Lips Period (for Custom Set) – custom period setting for Lips;
- Lips Shift (for Custom Set) – custom shift setting for Lips;
- MA Method – method of averaging;
- Price – price type;
- Set BW MFI Filter – filter settings for BW MFI;
- Check BW MFI – use the filter by synthesized BW MFI histogram;
- Applied Volume – volume type used (for BW MFI indicator).