Kangroos and Shadows
as described in Naked Forex book.
This indicator includes also checks for RSI and Bollinger bands to give a better hint if the printed Kangaroo is a strong one or not.
User can configure how many candles are there to be checked for the "room to the left" per default the setting is at 15.
The indicator sends out an alert to the user and prints out an arrow where the big shadow and kangaroo is formed.
Works on every time-frame, Forex pairs, stocks, whatever there is on MT4.
Possible to show historic Kangaroo Tails and big shadows
Contact me for support.
Time: 2020.07.09 00:00
C1 to C10 are the previous candles from the Kangaroo and an indication if the kangaroo is larger (OK) or smaller (NOK) as the respective candle. e.g. C6 NOK means the sixth candle from the Kangaroo Tail is larger that the Kangroo candle
RSI indicator is depending on the threshold which can be set individually, default setting for sell is 32, and for buy 60. If the tail or shadow is below (sell) or above (buy) that threshold, OK is given
Bollinger indicator is checking if the tail is is lower (in case of buy) or higher (in case of sell) than the lower/upper Bollinger band.
I'm open to comments and suggestion to make it more user friendly.
If you buy Full time subscription, you'll get an invite to my two telegram channels 1. For 1 Minute Indices and 2. For 4H major Forex pairs. You will get notifications directly on your phone.
|metatraderAlerts||Default notification in MetaTrader4, can be switched off, if you only prefer chart signs||true|
|numberOfCandlestoCheck||Number of previous candles to be checked, if the price has been there||15|
|rsiValueTop||RSI top threshold value||60|
|rsiValueLow||RSI bottom threshold value||32|
|historicCandles||How many numbers should be checked in the past when the indicator is initiated||500|
|useOwnTPFactor||Boolean value to use your own defined target profit factor. Set it to true, if you want to use it||false|
|ownTPFactor||Defines the TP factor you want to use e.g. 2.5 times the stop loss value useOwnTPFactor must be set to true||2.5|
Note: This indicator does not guarantee any profits, instead it is a help instrument to get better on your trading and helping making a decision
- Added two new input variables
- useOwnTPFactor true or false
- ownTPFactor defines the target profit factor you want to use
Four new inputs parameters
- telegramAlerts - default set to false, as you need configure the bot and channel on your own
- metatraderAlerts - default set to true, for notifications sent to Metatrader
- channelName - Telegram channel name including @
- botToken - Telegram bot token once you create it
SL: 135.92600000 - 88 Pips
TP1: 133.83555000 - 121 Pips
TP2: 131.83435941 - 322 Pips
C1: OK C2: NOK C3: OK C4: OK C5: NOK
C6: NOK C7: NOK C8: OK C9: NOK C10: OK
Time: 2020.07.09 00:00