Naked Forex Kangaroo Tail
Kangaroo Tail Indicator is a pattern recognition indicator for Forex, Stocks, Indices, Commodities, Metals, Cryptos.
The Kangaroo Tail is a simple and very effective pattern to trade.
The strategy that comes with the Kangaroo Tail is purely based on price action.
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
- CandleSizeATR: 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
- PushAlers (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.
To draw the support and resistance levels to trade with the Kangaroo Tail, you can use the Fx Levels indicator: https://www.mql5.com/en/market/product/22547
We also offer the Naked Forex Big Shadow indicator that might interest you: https://www.mql5.com/en/market/product/22785
The Kangaroo Tail indicator can be used with any time frame.
The Kangaroo Tail indicator can be used with any class of asset: Forex, Binary Options, Futures, Commodities, Stocks.
Learn a simple and effective strategy with the Kangaroo Tail. We offer FREE educational program for all users. Do not hesitate to contact us for more information and to register for FREE.
Beware that most Mac users cannot use custom indicators with Metatrader. Please contact us in private prior to purchase if your are Mac user.
Beware that Metatrader for Android and Metatrader web versions do not support custom indicators. Our product will not work with those Metatrader versions. Only works with Windows 32 and 64 bits application versions of Metatrader.