Bill Williams SquatGreenFadeFake patternFinderFREE
This indicator will signal when a squat, green, fade or fake appears.
- You can set the indicator to show only the signal you want it to show:
for example if ShowSquat is true, the squat indicator will be shown
- You can set the color of each signal:
for example if SquatColor is Blue, the squat indicator will be blue
- You can set whether a signal gives an alert:
for example if SquatAlert is True, the squat indicator will give an alert
- You can set the sensitivity of change in MFI and change in Volume:
for example if MFIsensitivity is 1.1, a change of 10% of MFI will be sufficient
The indicator will work on any time period.
What do the signals mean:
Each signal is a combination of a change in MFI and a change in Volume.
The MFI is the market facilitation index. It is a measure of change in tick price over volume.
Green (+ tick volume, + MFI): a green indicates a green light for market movement. It is a breakout signal and you should go with whatever direction the trend is (more players entering the market, arriving players biased in direction of trend, price movement picking up pace)
Fade (- tick volume, - MFI): a fade occurs when the market is taking a breath or losing interest. A fade is the opposite of a green.
Squat (+ tick volume, - MFI): a squat is the strongest potential money maker of the four indicators, virtually all moves end in a squat, however not all squats mean an end so they are a fantastic tool to use for confirmation of the end of a trend. Squats is the last battle of buyers and sellers it means lots of buying and selling but little price movement. The breakout after a squat can be profitably traded.
Fake (- tick volume, + MFI): a fake means price movement but for some reason a drop in volume so you should beware in a fake. Market manipulation is a threat during a fake. Often a fake indicates a pause in market activity before a take off and breakout.
The highlighted text is what's in pro version.
Please buy the pro version and support me for only 10USD. Thank you.
If there is anything you feel could be added to this indicator please email email@example.com. I am prepared to add anything requested to improve.