A great indicator that allows one to spot reversals, and follow a trend easily, on any timeframe. Works on any forex pair and other instruments. Works extremely well on exotic pairs It changes colour and direction and can be set to provide an alert for both long and short trades. It can also be used to set the stop loss and manually trail the trade. The indicator can be used on different timeframes easily, and is reliable in that it does not change during slight market corrections, once a trend has commenced. It is better than standard indicators (PSAR, MA, etc) as it allows one stay in winning trades for the maximum time, even when there are slight market corrections, and also allows one to exit losing trades quickly at the appropriate time.
The standard settings work well but you may adjust them to your needs (see screenshots for examples).
Use it to scalp on short timeframes (M1, M5), for daytrading (suggest M5 or M15) or for longer term trend trading (H1, H4 D1).
I suggest you enter trades on the 2nd or 3rd candle after the indicator has changed colour/direction. Use on any timeframe & any instrument.
Dll_Period: the lookback period for the calculation (Use lower than 35 for scalping, 35 for M5/M15 charts for day trading, 55/100 for longer time periods)
Rc_fast: Recommend 1.7 or 1
Rc_slow: leave at standard setting of 3
Rc_slope trend: leave at 0
SL_distance_pips: SL value will be included in the alert based on number of pips set here
DisplayAlert: Gives an alert everytime the trend direction changes. Turn on or off as required
ShowCurrentCandle: Displays 1st or second candle. Also the setting for the alert. Recommend 2nd candle if using the alert to prevent too many alerts on 1st candle because price may move up and down causing the 1st candle indicator to repaint.