- It attempts to predict when the market conditions are set to move up, and prints long positions.
- In addition to Long Entry Arrows, it will print Take Profit / Stop Loss targets.
- This indicator is highly adjustable. Hence the name 'Experimental' in the title. Experiment with it to find the results you want.
- Designed for use on the 1H timeframe in Forex, but could possibly be useful elsewhere. Do your own testing.
- This indicator can repaint. It is best used with alerts set for once per bar close, so that your alerts do not repaint and your trades are solid.
- Not ever signal is a winner. Backtest thoroughly. Adjust accordingly.
Four sets of colored arrows are included.
💵 💶 Green and Blue Entry Arrows are formed when the market is in an uptrend, and has a momentary pullback.
💴 💷 Yellow and Purple Entry Arrows are formed when the market is just starting to recover from being severely oversold.
Turn on Backtest Mode to easily see if an entry ended up as a winner or loser. A Take Profit and Stop Loss line will be drawn to show results.
Take Profit & Stop Loss Targets
You have two options for this.
Price will show you where your TP/SL exits should be placed. These values will show up under the arrow, based on your Risk/Reward ratio.
Pips are much more simple, and will only show you the market entry point and how many pips up/down to place your SL/TP. Warning: This is fixed at a 1:1 RRR .
Each entry arrow color allows custom risk/reward ratio adjustment.
Dollar Amounts Displayed
Change your account value and leverage to see how much you would have won on each trade.
How to trade with it?
(Forex, 1H) Open the settings, and turn on all the arrow entries. Turn on Backtest mode to see how past trades would have played out. Turn on TakeProfit/StopLoss Targets to see where to set your targets, for each arrow. Set an alert to notify you once per candle close when there is an Entry. Trade happy!
Alligators are also included, if you want. Not necessary though. Some of the calculations depend on them for trend direction analysis.
A Silver arrow will appear if price drops below a standard Keltner Channel, and comes back up, along with having an oversold Stochastic and a PSAR support dot below the candle.
Backtest mode and targets are now enabled by default.
Bug Fix: Entry price was showing one day too far back. Now corrected.
I am surprised this is offered for free.
I set the alerts as instructed (once per bar close). I fired up 5 charts (H1, M80, H2, H3, H4) with this and will test on Monday. I like the idea that I can apply a SL and TP. As some of the trades last a little longer than I am prepared to sit and manually trade.
MicroFutures are becoming more popular and I am hoping the coder (mattzab) will consider a drop down box for forex, stocks, futures....etc. Settings for the Nasdaq micro-futures would be awesome...but I guess I must do some of my own work too hehe!