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VERY GOOD IN M5
Try this on a M5 it is quite good indeed pls let me know your results
Arrow-2.2.1.0.zip 195.93 kb, 74 downloads since 2017-03-27
Raka Prasasti
>Banned
>Banned
About Arrow Indicator:
https://mt4talk.com/viewtopic.php?pid=38902#p38902
The EA uses a combination of technical indicators and price action analysis to identify potential trading opportunities.
It calculates the average price range and checks for specific price patterns to determine whether to buy or sell.
When a potential trade setup is detected, the EA places buy or sell orders on your behalf.
Ready to give it a try? Follow these steps to set it up:
Download the mq4 file. Install it in your MetaTrader 4 platform. Attach the EA to your preferred currency pair and time frame.
Now, let's take a look at the adjustable parameters you can tweak to optimize your trading strategy:
Adjustable Parameters:
gi_76 (Integer): This parameter allows you to set the period for price range calculations.
Adjusting this parameter changes the number of bars used to calculate the average price range. A higher value makes the range calculation smoother, while a lower value makes it more responsive to recent price action.
gi_80 (Integer): Customize the number of bars to look back for trade signals.
This parameter determines how far back in time the Indicator analyzes price data to generate trade signals. Increasing this value means the Indicator considers a longer historical period, potentially leading to more significant signals.
SoundAlarm (Boolean): Turn on/off sound alerts.
When set to "TRUE," this parameter enables sound alerts, notifying you with a sound when a trade signal is generated. If set to "FALSE," sound alerts will be disabled.
EmailAlarm (Boolean): Enable/disable email alerts.
If set to "TRUE," this parameter allows the Indicator to send email notifications when a trade signal is generated. When set to "FALSE," email alerts are turned off.
In my opinion, the strategy employed by the Indicator is based on a combination of technical indicators and price action analysis. Here's how I see it:
Price Range Calculation: The EA calculates the average price range over a specified period (adjustable parameter gi_76). This helps in understanding the market's recent volatility.
Pattern Recognition: It then looks for specific price patterns, particularly those that suggest potential reversals or breakouts. This aspect of the strategy aims to identify key turning points in the market.
Buy and Sell Signals: Based on the calculated price range and identified patterns, the EA generates buy and sell signals. These signals indicate when it's favorable to enter a trade.
Signal Confirmation: The EA appears to have two types of signals, a "Buy" signal and a "Sell" signal. It takes into account various conditions, such as the previous close compared to the open and close of the current candle, to confirm the signal.
Alerts and Notifications: When a signal is confirmed, the EA can trigger alerts like sound alerts and email notifications to notify the trader about the potential trade setup.
The Indicator seems suitable for identifying potential trend reversal points in the market. Traders looking to catch trend reversals might find this EA helpful.
Given its pattern recognition capabilities it can help spot breakout opportunities when the market moves out of a range.
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