This arrow indicator searches for possible reversals of the price and is based on the vales of the proprietary candlestick patters and tick volumes of the instrument.
The concept for signal output is the following
- the indicator algorithm searches the last three candles for preceding reversal patterns.
- compares with the tick volume values (if the price grows and at some point the volumes decrease, then a downward reversal is possible. If the price falls and the volumes decrease - an upward reversal is possible).
- if there is a sign of bulls (on a falling market) or bears (on a rising market) gaining strength, the indicator displays a signal as a buy/sell arrow.
Let's say the price increases. A new High is formed. The tick volumes start to decrease. The indicator calculates the number of passed requests at the Bid/Ask price. If the number of request at the Ask price is greater than at Bid, then there is a possibility of a downwards market reversal. For buy trades, the conditions are the opposite.
- The indicator has an integrated feature to search for the extremum on a certain number of bars. The The Number Of Bars For The Calculation Of Extremum variable is responsible for the number of bars. The default number of bars is 50. That is, the indicator searches for the extremum over the last 50 bars. If High/Low of the signal candle is greater/smaller than the High/Low of all 50 bars, the indicator stores that value as the extremum.
- Different brokers that provide quotes can have different values of tick volumes, therefor the indicator values may differ.
- The indicator is not redrawn!
- When a signal appears, the indicator displays a pop-up message with a sound signal.
- The indicator has two built-in types of signal detection. The first is based on the tick volume values. The second is based on the number of the Bulls/Bears ticks. All signals can be enables/disabled in the indicator settings.
Input Parameters------- "Indicator Alert"
- Use Alert - use the alert;
- The Number Of Bars For The Calculation Of Extremum - number of bars to calculate the extremum;
- Bars Limit - bar calculation limit;
- Show Reversal In The Bull/Bear Tick Volume - display Bulls/Bears reversals;
- Show Reversal In The Tick Volume - display reversals on volumes;
- Show Information - display information about the instrument;
- Show Title Symbol - display the symbol of the instrument;
- Set Color Title Symbol - set the symbol color;
- Set Font Size Title Symbol - set the font size;
- Set Font Type Symbol - set the font type;
- X Distance Symbol - symbol display distance along the x axis;
- Y Distance Symbol - symbol display distance along the y axis;
- Set Corner Symbol - display corner;
- Show Price - display the current Bid price;
- Set Color Price - set the price color;
- Set Font Size Title Price - set the font size;
- Set Font Type Price - set the font type;
- X Distance Price - price display distance along the x axis;
- Y Distance Price - price display distance along the y axis;
- Set Corner Price - display corner;
- Show Spread - show spread
- Set Color Spread - set the spread color
- Set Font Size Spread - set the font size;
- Set Font Type Spread - set the font type;
- X Distance Spread - spread display distance along the x axis;
- Y Distance Spread - spread display distance along the y axis;
- Set Corner Spread - display corner;
- Normalize Readings Spread - normalize the spread values (for five-digit quotes)
- Show Time To Bar Close - display time until the candle closes
- Set Color Time - set the time color
- Set Font Size Time - set the font size;
- Set Font Type Time - set the font type;
- X Distance Time - time display distance along the x axis;
- Y Distance Time - time display distance along the y axis;
- Set Corner Time - display corner;