Forecast Angle can be used for manual trading or as a basis of an Expert Advisor.
The indicator performs technical analysis of history data and displays the most probable price direction. In case of an estimated upward movement, the slope angle is positive, otherwise, it is negative.
The indicator works on any currency pair and timeframe, except MN.
Download all available quote history before launching or testing. After downloading history, quote history display should be changed on all timeframes (including MN). See the screenshot for details. Launch the indicator only after the history is downloaded. The indicator issues a warning in case of insufficient history data.
After that, configure the indicator parameters.
- MySpread – price deviation from an estimated line (for example, for EURUSD, 0.0035 corresponds to 35 points of a four-digit quote). This parameter excludes the market noise and excessive volatility. If your PC performance is low, a value lower than 10 points is not recommended, since the calculation is complex and resource-intensive.
- WorkByMySpread - set to true for auto spread calculation or false if MySpread value is used.
Visually, a line slope angle may not correspond to a numeric value since the angle calculation is not tied to the price chart scale. This happens due to the fact that auto scaling does not consider vertical and horizontal aspect ratio when forming a price chart. Therefore, the price chart displays the current estimated line's slope angle value and the current sell price for more convenience. The angle numerical value does not change if the chart scale is altered allowing you to receive a stable buy or sell signal.
This is the first version of the indicator. Your feedback and suggestions are welcome. Please write your comments.