AIM by il1634
This indicator is based on the Murrey Levels and does not get redrawn. It is an implementation of a trading system with clear signals for entry. The Stop levels of this indicator are 3 to 6 times less than the expected profit. There are also several channels for the correct entry point formation.
The indicator does not redraw its signals and deletes them automatically in case a new signal appears or a Stop loss gets triggered by a signal.
The indicator operates only based on the bar closure, which allows removing up to 30% of false signals. This indicator though is not the "Grail" of trading and requires an additional filter for signals. Stochastic was used in the signal filtration tests. The condition that Stochastic has not been in the overbought and oversold areas is the main one in approving of the deal entry.
The ideal work conditions for this indicator are channels up to 400 pips on 4 symbols. It is best suited for the flat trading. At the strong trend, it is recommended to pay attention to the higher channels and their signals and it is also worth waiting for the 4-hour and intraday candlesticks to close if there is an intense movement.
The indicator requires a quotes archive for the last year to work correctly. Default settings are for the EURUSD pair. Parameters for other symbols will be calculated individually.
- p - defines the step of the symbol.
- kn1 - the line color of the first channel and its signals
- kn2 - the line color of the second channel and its signals
- kn3 - the line color of the third channel and its signals
- kn4 - the line color of the fourth channel and its signals
- kn5 - the line color of the fifth channel and its signals
- kn6 - the line color of the sixth channel and its signals