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The indicator searches retracements. Retracement is a temporal movement of a price in the opposite (or sideway) direction from the current trend.
To my mind, the only dependence on the market is represented by waves. Retracement is a part of this movement. It helps to determine a start of a new wave.
The yellow line of the indicator is a signal one. Pending stop orders are placed on its level. We also added take profit and stop loss levels for your convenience. These levels are adjusted for EURUSD. Breakeven level = 30 points (300 points for 5 digit quotes).
If the price moves 100 pips or more from the entry point, the signal is false.
- Period_1 - calculation period 1
- Period_2 - calculation period 2
- showFridaySignals - show Friday signals
- slLevel - stop loss level
- tpLevel - take profit level
- barLimit - number of bars used for calculation