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Indicator/Market Analyzer Matrix
Code MUST be clearly commented and full copyright remains with us.
Indicator will show a panel on the currency pair it is attached to BUT will analyze all the currency pairs in the market watch on MT4 and report on 1 window.
it is to identify the below trade signal and push notification of its findings + advise if signal was generated on current bar or 2 bars ago etc.
First we need to know if each pair is trending using the following definition
trend is defined by 1 HR, 4 HR and Daily below the 25 MA
If price on all 3 time frames is below the MA we are in a downtrend
if price on all 3 time frames is above the MA we are in a uptrend
(Matrix indicator will advise which of these pairs has met this condition and if so mark if in up trend or down trend)
-Secondly we now look at the 1 HR TF (this is where our trading takes place)
A potential trade alert is triggered only after we have had X amount of bars on the 1 hr chart in direction of the trend followed by 2 bars going against the trend.
*** both of these are to be variables we can set extern settings - minimum bars going in trend on 1 hr & minimum bars against trend***
When these conditions are met a potential trade alert will show on screen and push notification on MT4 advising of pair and if trend is going up or down and price at time signal was given.
Trade notification should send price to take trade which will be 8 pips below the low of the of the closing candle that went against the trade if it was a sell trade or 8 pips above the high if it was a buy trade.
Additional settings
-Time of day to enable/disable the operation (we require 2 different intervals of time to be able to be configured for each day)
Theory behind this system is that the overall trend will return and fill a pending limit order we set 8 pips away from current price.