Trend indicator Loking Trend v.1 filtering false signals
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Trend indicator Loking Trend v.1 - an indicator with filtering false signals. It is a combination of indicators included in the standard MT4 delivery. Like any trend indicator, there is a drawback - false signals if a "saw" or an expanding formation is drawn on the market. Here, losses are inevitable and the rules of risk management must be strictly applied. Alternatively, after a clearly low-quality signal, readjust or switch to a smaller timeframe without changing the parameters.
Signals are displayed with regular arrows. Blue - buy, red - sell. Yellow stars are stop levels. They can also be used for a trailing stop, but it is better to switch to a trailing stop when the position is in a profit comparable to the size of the original stop. Yellow dots synchronize the position of extrema along the position. Their regular breakout indicates the strength of the trend, if the points stop updating and are drawn horizontally or against the trend, an opposite signal is likely. Purple star - Teik setting level.
Signals are displayed with regular arrows. Blue - buy, red - sell. Yellow stars are stop levels. They can also be used for a trailing stop, but it is better to switch to a trailing stop when the position is in a profit comparable to the size of the original stop. Yellow dots synchronize the position of extrema along the position. Their regular breakout indicates the strength of the trend, if the points stop updating and are drawn horizontally or against the trend, an opposite signal is likely. Purple star - Teik setting level.
Description of parameters:
P - Parameter of the length of the breakout range (in bars). The longer the range, the less frequent and late the signals.
PMA - Parameter for a simple MA used as a filter.
Risk - The number of points you want to risk (put in a stop). The arrow will be drawn at this level from the nearest extremum. If Risk = 0, then the arrow is drawn at a distance of 2 ATR (ATR_P) or at the Close level (whichever is more profitable). If the arrow is located far from the current Close, then it makes sense to place a limit order in the direction of the arrow.
ATR_P - Parameter for calculating ATR
Q - Parameter for setting Take. Calculated as a share of the risk. Purple star.
Period_WPR- Parameter for the WPR oscillator
HLine - Upper signal line for WPR
LLine - Lower signal line for WPR
After purchase, you will receive an archive with the indicator in mq4 format (open source).
Attention! No system can guarantee stable profitable trading, you yourself are responsible for your funds. The indicator is only an assistant.
Happy trading.
Sincerely, Alexander.
P - Parameter of the length of the breakout range (in bars). The longer the range, the less frequent and late the signals.
PMA - Parameter for a simple MA used as a filter.
Risk - The number of points you want to risk (put in a stop). The arrow will be drawn at this level from the nearest extremum. If Risk = 0, then the arrow is drawn at a distance of 2 ATR (ATR_P) or at the Close level (whichever is more profitable). If the arrow is located far from the current Close, then it makes sense to place a limit order in the direction of the arrow.
ATR_P - Parameter for calculating ATR
Q - Parameter for setting Take. Calculated as a share of the risk. Purple star.
Period_WPR- Parameter for the WPR oscillator
HLine - Upper signal line for WPR
LLine - Lower signal line for WPR
After purchase, you will receive an archive with the indicator in mq4 format (open source).
Attention! No system can guarantee stable profitable trading, you yourself are responsible for your funds. The indicator is only an assistant.
Happy trading.
Sincerely, Alexander.
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