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Open Position

This indicator is intended for scalper on M5 timeframe.

It shows where to open position, the target and the stop loss, so you can see if your position is wrong. It displays trend power, so you can see if you still need to hold your buy or sell position.

Rules:

  1. Check the trend power and direction.
  2. Buy when it is green and sell when it is red.
  3. After checking the power, check if the candle is above the stop loss line for a buy position and if it is below the stop loss line for a sell position.
  4. Use scalping take profit of 1-5 pips even if the target line is not touched.
  5. Hold a buy position if the price is above the target, work with stop loss instead.
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Version 1.1 - 2014.11.10
- Added target recalculation
- Fixed object deletion