Trading chaos chart MT4
The main purpose of the indicator is to detect and mark on a chart the following trade signals described in "Trading Chaos (2-nd edition)":
- Bullish and bearish divergence bars with angulation (including squat).
- Bars in the red and in the green zones according to the color of the Awesome Oscillator histogram.
- Squat bars on the chart independent of the color of the Awesome Oscillator histogram.
- Levels of "important" fractals relative to the "Teeth line" of the Alligator indicator.
- Drawing angulation rays from the balance line to a reverse bar with angualtion.
- The Second Wise Man and Blue Light signals.
- The signals of the "Fifth consequent bar in the zone" of the Awesome Oscillator indicator.
The indicator includes basic functions of the New Trading Dimensions Chart indicator, namely the following:
- Detecting and indicating on a chart the signals generated when the histogram line crosses the zero level as well as the Blue Light Special signals formed by the same intersection.
- Coloring bars by three zones (red, green, gray), detecting Squat bars.
- To switch to the functions of the New Trading Dimensions Chart, set the TRUE values for the Use new trading dimensions colors input parameter.
The indicator is developed in accordance with the strategy described by B. Williams for MetaTrader 5.
- Blue bar - squat bar.
- Red or green star on a bar - the bar has signs of a "reverse" divergent bar (BDB).
- Red or green diamond - the "Second Wise Man" signal.
- Red or green square - enhanced "Second Wise Man" signal - the "Blue Light Special" signal.
- Red bar in any direction - the bar is in the zone of negative momentum.
- Green bar in any direction - the bar is in the zone of positive momentum.
The indicator includes a signal block that informs the trader about new signals in any convenient form.
It is recommended to save the indicator in a template together with the other standard Bill Williams' indicators included in the MetaTrader 5 package or with their analogs available in the MQL5 Market. Namely the following: