Obaforex Tops and Bottoms mt5
- Indicatori
- Versione: 1.40
- Aggiornato: 26 dicembre 2020
- Attivazioni: 10
Obaforex Tops & Bottoms is a trading tool born out of a personal need to accurately filter tops and Bottoms and ensure consistency in the way tops and bottoms are picked for technical analysis. Mt4 version https://www.mql5.com/en/market/product/53637
It does not repaint (once top or bottom is printed, it don't disappear)
It only prints tops and bottoms after a specified No of bars or candles to the right
This tool is expected to significantly improve the decision making of almost any form of technical analysis
Note: This indicator works similar to fractals and it's not intended for trading reversal
1. Trend Lines and Breakouts
Connecting a series of tops or bottoms (personally I prefer to use the most recent two) generated by this indicator can form a very strong line of support or resistance where a trader can either look to trade a bounce or breakout.
2. Chart Patterns
Spotting chart patterns with Obaforex tops and bottoms is just a matter of connecting tops and bottoms and see what unfolds before your eyes. These setups have incredible accuracy on almost all time frames due to the quality of the tops and bottoms connected to form them. However the higher the time frame the better
3. Divergence Trading
Obaforex tops & bottoms enable you to easily spot consecutive tops and bottoms, using your favorite oscillators, you can check for divergence between these consecutive tops or bottoms. most importantly it shows you which trend line needs to break for you to trade this divergence and make the most out of them at minimal risk
Note: Obaforex Tops and Bottoms Indicator only prints tops and bottoms on chart and all lines and arrows are manually drawn on chart to illustrate how it is intended for use ideally.
Update now includes a fully customizable fractal mode with ability to set minimum number of bars to the left and number of bars to the right to confirm fractal. Also this mode can be enabled or disabled.
Currently working on the Mt5 version of my trendline trader to improve efficiency of trading trendline test and breakout with lines drawn based on this tops and bottoms.
I am disappointed in this indicator so far. The Vendor is a gentleman and always got back to me soon after my questions. However, at this time I can only give it a 4 stars. It does add the x's to the charts, but so far they are not in an order that I can draw a trendline. At the moment I have 1 X on the 1 hr oil chart. 12-9-21 at 2200 hrs. I also have a standard fractal indicator on the same chart. The fractal indicator has provided three separate areas in which I can draw a trendline, but the Obaforex has just the one. . I will give it more time and try to update, but I wont complain too much because the price didnt break the bank. UPDATE 4-29-22. I have added a photo in the comments section where you can see an example of my dillema. Thank you for the follow-up. I had forgotten since I do not use the indicator often.