This indicator will help you identify once an instrument has resumed from its Trend Pullback/Retracement and help you start following the trend again.
It will help you:
- Buy at swing lows of an Up Trend
- Sell at swing highs of a Down Trend
The indicator will plot on chart 3 elements. Trend ,Extreme and Notification Arrows.
Trend and Extreme values take values from -100 to 100 using a combination of indicators.
They display how strong these two elements are.
Notification arrows are drawn whenever the Trend and Wave are opposite to show that trade opportunity exists.
Trend: is drawn as histogram. You can see what and how strong the Trend is.
- Up Trend: Green, Positive Value
- Down Trend: Red, Negative Value
Extreme: is drawn as Ex Marks ("x"). You can see what and how Oversold/Overbought the symbol is
- OverSold: Green, Negative Value, Good for Buying, Avoid Selling
- OverBought: Red, Positive Value, Good for Selling, Avoid Buying
Arrow: is drawn whenever Trend and Extreme are opposite to show a good trading opportunity
- Buy: Green Up Arrow
- Sell: Red Down Arrow
It can work on any timeframe but recommended to use M30-H1-H4-Daily
Default values are in brackets.
- maxcandles (1000): This is the number of candles for which the chart is to be plotted. To avoid system crashing maximum value the indicator can be set to is 1000. Reduce the number for faster calculation.
- trendlevel (30): This is the minimum level the Trend must reach in order for an Alert/Trade Arrow to be displayed.
- extremelevel (10): This is the minimum level the Extremes must reach in order for an Alert/Trade Arrow to be displayed.
Note that the above two figures automatically adjust for buy or sell trades.
- Alerts (True): Setting this to true will display Alerts.
- AlertOnceperCandle (True): Setting this to true will display Alerts only once per candle if the criteria are valid.
- AlertOnce (False): Setting this to true will display Alerts only once when criteria are valid.
- Send_Notification (False): Setting this to true will send a notification to your mobile phone using your MetaQuotes ID with the Alert.
- Send_Email (False): Setting this to true will send an email to you with the Alert.
Note that the above two need to be also set up on Tool/Experts