Retracement Feeder MT5
The Retracement Feeder checks for retracement opportunities after the first move has occurred.
Basically it scans for the second wave of trend.
- Works with any financial instrument,
- It does not repaint/change color or cancel arrows,
- Easy to set and use.
MT4 version: https://www.mql5.com/en/market/product/67443
How it works
- The indicator is based on RSI and Stochastics.
- The algorithm used in the Retracement Feeder allows the Stochastic and RSI to minimize the turns and twists thereby reducing false oversold and overbought signals.
- It scans for a buy retracement when the asset is oversold and for sells when overbought.
The indicator is straightforward to set up
- Stochastic %K Period [This is the Stochastic period. The tests have been conducted with a value of 100]
- Stochastic %D Period [This is the %D period. The tests have been conducted with a value of 1 ]
- Stochastic Slowing [This is the Stochastic slowing. The tests have been conducted with a value of 1 ]
- RSI Period[The value can be adjusted if needed]
- RSI Price [You can tinker this, but close has been used to test efficiency]
- Enable Alerts [email, screen, and metatrader notifications alerts]
- History Bars to Display [This is the number of arrows you want to display on your mt4]
The default values work fine.