Market Follower

The Market Follower indicator displays two types of potential entry points on the chart (by trend and absolute reversal points).

The entry point by the trend is displayed by a circle. The indicator qualifies the presence of a trend at a certain interval by a certain algorithm. Then it displays a potential entry point after a rollback (correction). For the successful use of these entry points, it is recommended to use at least M30 timeframe with a confirmation on smaller timeframes.

The Absolute reversal points assume that at least a correction of price movement starts at them (and may be even a reversal). They are displayed as arrows on the chart. These points take into account the movements in several timeframes. I recommend to open a higher timeframe (for example, M15) to obtain data on the main one (for example, M5). Sometimes, entry points by trend and absolute reversal points coincide. These signals are the strongest ones.

Parameters

• Accuracy – degree of accuracy of the entry signal. It can vary from 0 to 20. The default is 10. Accuracy of signals decreases with the decrease of the parameter, but their numbers increase.
• Alert – you can set an alert when a signal appears. True – display alert, False – no alert. The default value is False. An example of Alert: "MF (indicator name) ABSOLUT (signal type ABSOLUT or TREND) USDCAD(currency pair) _M15 (timeframe) - SELL (BUY or SELL trade)".
• E-mail – send an E-mail when a signal appears. True – send email, False – no email. The default value is False. The content of the email is similar to the alert. Subject of the email: "Market Follower". Make sure the Tools-Options-Email parameters are set correctly in the MetaTrader 4.