Naked Forex Kangaroo Tail indicator for MT5
Naked Forex Kangaroo Tail Indicator
Kangaroo Tail Indicator is a pattern recognition indicator for Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The Kangaroo Tail is a multi-bar pattern.
The Kangaroo Tail pattern is very effective and is very simple to trade.
The strategy that comes with the Kangaroo Tail is based on price action.
The indicator does what it was designed for: displaying Kangaroo Tail patterns. Don't expect to follow the up and down arrows and make money. Trading is not that simple. The Kangaroo Tail pattern is a starting point. The arrow is not a confirmed BUY and SELL signal in itself. The Kangaroo Tail indicator alerts you that the market might be at a turning point now. Then you must use other elements of your strategy (trend, momentum, support/resistance, volatility, daily bias, and other indicators) to confirm the signal and place a trade.
Inputs of the indicator are:
- Distance: distance in pixel relative to top or bottom of candle to display the arrow symbol
- MaxBars: number of bars back used to calculate the indicator
- TradeDirection (Long/Short/LongAndShort): filter signals for BUY and SELL
- CandleSize: filter signals depending on the size of candle (0.5 to 1.5 recommended range of values)
- UsePreAlerts (true/false): to enable pre-alerts
- PreAlertsSeconds (30): time in seconds before the close of the candle when pre-alerts will be activated (pre-alerts can disappear)
- UseConfirmedSignals (true/false): generate alerts for confirmed signals (at the close of the bar). It is required to set this value to true if you want to receive confirmed signals alerts.
- PopAlerts (true/false): to enable alerts of type Popup window
- EmailAlerts (true/false): to enable alerts of type Email
- PushAlerts (true/false): to enable alerts of type Push Notification
- SoundAlerts (true/false): to enable alerts of type Sound
- SoundFile: file to be used for sound alerts
- For BUY: wait for a bullish Kangaroo Tail to print on a support zone after a down trend. Wait for price to break high of the Kangaroo Tail candle (5 pips above the high for H1 and higher time frames). Immediately enter in the trade once high is broken. You also can use a BUY STOP order placed 5 pips above the high of the candle (plus spread). Stop Loss should be placed below the low of the Kangaroo Tail candle. If order is not triggered in the next candle then trade is invalidated and should be canceled.
- For SELL: wait for a bearish Kangaroo Tail to print on resistance zone after an up trend. Wait for price to break the low of the Kangaroo Tail candle (5 pips below the low for H1 and higher time frames). Immediately enter in the trade once low is broken. You also can use a SELL STOP order place 5 pips below the low of the candle. Stop Loss should be placed above the high of the Kangaroo Tail candle. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The Kangaroo Tail indicator can be used with any time frame.
The Kangaroo Tail indicator can be used with any class of assets: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
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