This indicator is a light version of Angulation.
According to Bill Williams' trading strategy described in the book "Trading Chaos: Maximize Profits with Proven Technical Techniques" the indicator displays the following items in a price chart:
1. Bearish and bullish divergent bars:
- Bearish divergent bars is colored in red or pink (red is a stronger signal).
- Bullish divergent bar is colored in blue or light blue color (blue is a stronger signal).
2. "Angulation" formation.
3. The level for placing a pending order (displayed as a dashed line).
Angulation is formed by divergence of two lines:
- Price line. It passes through the borders of bars. Lower borders of bars are used during upward motion and upper borders are used during downward motion.
- Balance line. It passes through the Alligator jaw (blue line).
Angulation is formed after forming a divergent bar outside the Alligator jaw.
- Max Bars – number of bars calculated on the chart;
- Add Alligator On Chart – add Alligator indicator on the chart automatically;
- Set Divergent Bar – settings for divergent bars;
- Show Divergent Bar – display divergent bars for which the Angulation hasn't been formed;
- Divergent Bar Alert – use alerts for divergent bars;
- Set Angulation – settings for Angulation;
- Angulation Aler – use alerts for Angulation;
- Check Awesome Oscillator – check the values of Awesome Oscillator histogram according to Bill; Williams' trading strategy;
- Check BW MFI – use the filter by BW MFI histogram;
- Applied Volume BW MFI – volume type used (for BW MFI);
- Min duration of Angulation – minimum formation duration (possible minimum = 2);
- Max duration of Angulation – maximum formation duration;
- Set Line Color – price and balance line color and style settings;
- Price Line Color – price line color;
- Balance Line Color – balance line color;
- Style Line – line style;
- Width Line – line width;
- Set Order Level – pending order level display settings;
- Show Order Lever – display the level for placing a pending order (the level is set without considering spread);
- Buy Stop Order Level – color of "Buy Stop Order" level line;
- Sell Stop Order Level – color of "Sell Stop Order" order line;
- Style Line – line style;
- Width Line – line width.
|Simple algorithm (simple drawing of balance line)
|Advanced algorithm (drawing balance line and determining parallel movement)
|Comments on the reason of skipping a divergent bar
|Calculation of the speed of divergence
|Displaying the speed of divergence on the chart (next to the divergent bar)
|Filter by the speed of divergence
|Filter by BW MFI indicator
|Alligator indicator settings
|Setting an offset for the levels of orders: "Buy Stop Order", "Sell Stop Order"||10 points offset