Nikta is an indicator displaying the market situation.
It works on timeframes from M15 to H4.
Colored lines means the following:
- Lime - acceleration of the price upward movement;
- Green - steady upward movement;
- Yellow - undefined state, trades are not recommended;
- Magenta - acceleration of the price downward movement;
- Red - steady downward movement;
- Deep Pink - trend direction on a timeframe specified in the TimeFrame parameter.
The indicator represents a full-featured trading system which can be used both independently or as a supplement to another system.
The indicator can be used as follows:
- When there is the Lime line - open a buy trade. You can look to the trend direction on a higher TF and skip contradictory signals.
- When there is the Green line - you can also open a buy trade, but make allowance for the trend direction on a higher timeframe according to the Deep Pink line.
- We do not recommend entering the market in the yellow area.
- It is exactly the opposite for opening a sell position.
- Exit the market when you receive an opposite signal or in case of the undefined state (yellow line).