Magneto IV is a universal product combining several algorithms (can both work as a trend indicator and find points for opening positions). First of all it is designed for intraday scalping. The indicator should be used on H1 and higher. Magneto IV has 3 built-in filters which determine trend and position opening. You can combine filters in settings.Parameters
- Sensitivity – sensitivity (the bigger the value is, the less number of entry points are found).
- Mode – select a method of smoothing a filter.
- Period – trend filtering period.
- Filter option – select the indicator's mode:
Standard, Average1, Average2 – modes to determine entry points.
- Trend – indicator works in trend determining mode.
- Alerts – sound signal and message in the terminal's window.
If you want to filter false signals use the Trend mode complementary to signal modes.
Interpretation of the indicator's signals
- Red (level -100) – sell signal.
- Blue (level 100) – buy signal.
- Use buffer 0 for selling and buffer 1 for buying if you want to work in EAs.
2. Caution is advised! Certain settings may cause changes in the indicator's readings on the current bar. So if you are not sure in further price direction, wait for a signal generated on the previous bar.