Non-Repainting Indicator that sounds an alert for change in price spike in any direction on period M1 to H1.
You can use this indicator on any period from M1 to H1 without the need to configure any moving average period.
Indicator Parameters
- Spike Alert - Set alert to true if you want to be notified by the MetaTrader 5 terminal. Same alert function since version 1.0.
- Impulse Alert - Set alert to true if you want to be notified by the MetaTrader 5 terminal for price spikes that occur 1 minute from each other.
- Notification - Set notification to true if you want the notification to be sent to MetaTrader 5 mobile app.
- Alert Type:
- Every Price Spike - if you want to be notified for every price spike that appears, regardless of its direction.
- Different Price Spike - if you only want to be notified of the first price spike that has a direction different from the existing trail of price spikes.
- Spike Position - Plots the microtrend after n positions from the first new price spike on a different impulse direction.
- Micro-Trend Alert - Alerts you when a new microtrend has just been plotted.
- Divergence Line - Set to true if you want the Divergence Line to appear.
- Divergence Name - Give the name of the Divergence Line.
- Bullish Divergence - Color to be used for the Divergence Line when it is bullish.
- Bearish Divergence - Color to be used for the Divergence Line when it is bearish.
- Look Back Bars (Length Consideration) - Set the number of bars for looking back and counting the number of consecutive price spikes of the same colour.
- Look Back Bars (Immediate Bars) - Set the immediate number of bars for looking back and counting the number of consecutive price spikes of the same colour.
- Label Auto-Repositioning - Allow user to manually adjust the position of "Microtrend Quality" label if this is set to false.
Global variables written
- [BI][Symbol][Direction] - It is the direction of the new price spike trail.
- [BI][Symbol][StartPrice] - It is the starting price of the new price spike trail.
- [BI][Symbol][Impulse] - It is the duration in minutes between each price spike and the previous one.
How to use
Wait for the adverse price spike trail to be completed, then fire a trade when you see a price spike that follows the trend. You may want to wait for the price spikes to form 3 in a row before firing a trade (using Spike Position and Spike Position Alert).
If the Divergence Line is sloping at a direction different from the price spike trail or has weakening strength width, it could indicate that the price spike trail is reversing soon.
Micro-trend Quality:
- If the price spikes are closer together, the micro-trend is of a higher quality to trade.
- You can reduce the default look back bars to less than 100 if you want to consider the "concentration of the price spikes" within a smaller time period.
