Forex arrow indicator, signals for opening positions
Another attempt to transform a regular indicator into something like an advisor that will independently search for and indicate points for opening new positions.
With some skill and desire, the Forex arrow indicator can also be used for scalping, as the tool works well on any time frame.
The script is based on the operation of a moving average and the analysis of the current formation of new candles.
In addition, there are several additional parameters for the convenience of the trader.
After this, the arrow indicator begins its work, giving signals to open trades with multi-colored arrows: yellow for buying, red for selling.
In addition, additional data will appear in the upper left corner of the screen, indicating the duration of the current trend and the distance the price has traveled up and down.
These data are not only for reference but also for practical purposes. It's advisable not to open trades against the existing trend, even when arrows appear.
Although the arrow indicator works quite well with the preset settings, you can change its parameters if desired.
Period controls the Moving Average value; the most appropriate value is determined empirically. After setting it, we checked how closely the previous arrows match the trend fluctuations.
Shift adjusts the moving average deviation; 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 this article, a buy arrow appeared.
If a long position had been opened at this time, the profit would now be over 30 pips. Testing on demo and cent accounts .
