Forex arrow indicator, signals for opening positions
Another attempt to turn a regular indicator into something like an advisor that will independently search for and indicate points for opening new positions.
If desired and with some skill, the Forex arrow indicator can also be used for scalping, since the tool works perfectly on any time frame.
The script is based on the work of a moving average and analysis of the current formation of new candles.
In addition, for the convenience of the trader there are several additional parameters.
After this, the arrow indicator begins its work, sending signals for opening transactions with multi-colored arrows, yellow for buying, red for selling.
In addition, additional data will appear in the upper left corner of the screen, which indicates the duration of the current trend and the distance the price has traveled down and up.
Moreover, this data is not only of a reference nature, but also of a practical nature; it is advisable not to open trades against the existing trend, even when the arrows appear.
And although the dial indicator works quite well with preliminary settings, if you wish, you can change the parameters of its operation.
Period – is responsible for the value of the Moving Average; the most acceptable indicator is determined empirically.
We set it up and checked how well the previous arrows coincided with trend fluctuations. Shift – setting the deviation of the moving average, you can leave it at the default value of 0.
Surprisingly, despite its simplicity, the tool works quite effectively, for example, at the beginning of writing this article, a buy arrow appeared.
If a long position had been opened at this time, the current profit would have been more than 30 points. Before starting work, testing on demo and cent accounts .