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The Trend Catcher indicator consists of two parts - arrows and stop loss levels. Arrows - the main part of the indicator, it is for them to open a deal. Stop Loss levels can be used as a filter to search for a signal or as a trailing.
The indicator is not redrawn.
You can easily write some EA using the indicator.
MT4 version of the indicator: https://www.mql5.com/en/market/product/7634
Recommendations for Trading
- Buy, if Trend Catcher shows the up arrow.
- Sell, if Trend Catcher shows the down arrow.
- The indicator is very well suited for Renko graphs
- Stop loss levels can be used instead of trailing stop.
- Input parameters should be selected individually for each pair
- The indicator works best on trend pairs: GBPUSD, USDJPY, AUDUSD...
- Recommended timeframe: H1 and higher
- To alert you when a signal occurs, you can use the Expert Advisor settings: UseAlert, UsePush and UseMail
- DrawingArrows – if true, then the arrows are drawn, if false, the arrows are not displayed.
- PeriodArrows – period arrows
- PeriodFastMA – fast moving average period
- ShiftFastMA – fast moving average shift
- MethodFastMA – fast moving average method
- PeriodSlowMA – slow moving average period
- ShiftSlowMA – slow moving average shift
- MethodSlowMA – slow moving average method
- DrawingSLLevels – if true, stop loss levels are drawn, if false, then stop loss levels are not displayed
- PeriodATR – the period of the ATR indicator, which draws the stop loss levels
- MultiplierATR – ATR value multiplier
- UseAlert – if true, then when the arrow appears, an alert appears
- UsePush – if true, then when the arrow appears, a Push message is sent
- UseMail – if true, then when the arrow appears, an email is sent to your mail
The parameters of the fast moving average and the slow moving average are used in the indicator to filter the arrows and directly affect their location on the graph.