Bull and Bear Zone
A supply and demand indicator designed with a minimalist trading strategy based on the nature of the market. Indicator type: Price Action indicator
The Bull zone is a strong support area, and the Bear zone is a strong resistance area. When a Bull zone was breakout, it becomes the "base" of the Bears and vice versa. When the price meets these areas, there is a high probability that the price will reversal, so we call them Obstacles.
- It is a suitable indicator for traders interested in manual price action and algorithmic trading upgrades, from scalping to swing trading.
- The principle of reading market structure: the closer the price pattern is to the current moment, the more influence it will have on the next price move.
- So the preferred direction of this indicator is to identify a Bull & Bear zone close enough to the current price (Not too far away so that every point on the chart can be a supply and demand zone).
Why is this indicator different?
1. Draw personalized strong Obstacles: The indicator uses a complex algorithm, novel but with simple parameters, you can create powerful Obstacles (potentially causing high price reversals) that suitable fit your strategy.
2. Non-repainting and drawing in minimalist style: Only the near Obstacle is displayed; the remaining are hidden under the arrows which can be called out anytime
3. Multi-timeframe indicator: Use the timeframe input to draw an Obstacle on the other timeframe.
4. The Graphical user interface is designed for all Obstacle to help approach the more vital Obstacle as a goal.
- Level of Obstacles: Identify the Obstacle's strength by visual numbers. The higher the level value, the more price has reacted in the past, and the higher it reacts.
- Padlock: Locks a targeted Obstacle to track it on every timeframe and selectively triggers alerts on that.
5.Dashboard showing Bull and Bear price action strategy. (New feature)
- Brief Description: It is a strategy of waiting for the price to be in a pullback for a price reversal at the nearest Obstacle area in the current trend.
- Three core parameters are monitored on Dashboard: Faction, Potential position and Entry signal.
- The Entry signal represents the exhaustion of the opponent side and the dominance of the our side, observed based on the price momentums.
- If you have problems installing the product, please get in touch with me via the chat in mql5.
- This indicator will be continuously updated and improved, have a good trading.