Guiding Thread is based on the standard RSI with a customizable period. The market entry signal is triggered after the indicator crosses a certain level. The event is marked by an appropriate line (blue - going long, red - going short) and the price label having the appropriate color. In other words, if the previous signal was for going short (red line and price label), the next one indicates the upcoming reversal and the necessity to go long (blue line and price label). A trading signal is preceded by a white level with a price label having an appropriate color. The white price label indicates that the signal levels have already crossed and it is time to reverse a trade.
The indicator is plotted from the left visible bar to the bar with the 0 index (the current one). If seen on the chart, the first (leftmost) bar is used as an initial one to calculate the indicator.
The indicator allows linking the current or manually set spread, selected lot and national exchange rate to the deposit currency, as well as the multiplier (equal to 100 in case of a cent account) and price levels assigned by the same indicator. The indicator defines the necessary margin, the value of a point in national currency at the selected lot value and what amount is used for the current or manually set spread. It also shows a symbol type, direct and reverse quotation or cross rate. The equivalent in the recalculated national currency is specified above and below the signal lines according to the data specified in the setup data.
The curve of the smoothed RSI indicator is plotted in a separate window (light line on a standard dark background) and the indicator with the period of RSI2 is applied to it.
- OnOffLines - enable/disable the lines (enabled);
- RSI - RSI period (13);
- RSI2 - period of RSI application to the smoothed curve in a separate window;
- SignalVolume (1.7) - Volume/Sec. information ratio parameter. After reaching the specified value, a strong price movement is probable (selected individually for each symbol during the London and American sessions). The MetaTrader 4 tester shows artificial results;
- Lot - lot selected for calculation (0.02);
- Exch - national currency/deposit currency exchange rate;
- Cent - correction factor (100 for cent account, otherwise 1);
- AlertOnOff - enable/disable indicator signal notifications;
- MailOnOff - if alerts are enabled, an email message is sent;
- OnOffMSpread - enable/disable manual spread setting on weekends (false);
- MSpread - spread;
- font_size - font size for the text (10);
- font_name - font name ("Arial");
- LineUPColor - Up signal line color (clrBlue);
- LineDOWNColor - Down signal line color (clrRed);
- MarkUPColor - Up price label color (clrCyan);
- MarkDOWNColor - Down price label color (clrYellow);
- AttColor - Volume/Sec. data parameter color, if it exceeds SignalVolume (1.7);
- SummColor - profitability line color (estimated) (clrWhite);
- TextColor - text message color (clrAquamarine).
The line is shown from the rightmost current bar to the last signal. The equivalent of the passed points in national currency according to the set rate is displayed in figures and duplicated in the text block.
The built-in "alerts" and email messages are built into the indicator.