Abiroid TrendFlip Reversal Detector
- Indikatoren
- Abir Pathak
- Version: 1.1
- Aktivierungen: 20
About:
Looks for price making a trend flip pattern.
Importance of this pattern is that after it happens, price tends to range a bit and then breakout right after.
Features:
- Looks for trend flip pattern
- Num of bars creating pattern
- Extend lines to right to wait for breakout
- Bull/Bear Strength for candles making the pattern
- Filter using Halftrend/NRTR
How it Works:
Use this technique for scalping. After a pattern happens, you will see a red/green rectangle.
Red means a Bearish pattern and green means a bullish pattern. Then wait for a strong high volume bar to break out of the grey lines.
You can extend the lines however much you like, because after breakout, these important levels can also act as strong support/resistance lines.
Look at this detailed blog post for examples and extra downloads:
https://www.mql5.com/en/blogs/post/759317
Pattern Strength:
Strong vs Medium. All patterns will give more signals. But Strong strength is recommended.
Max Pattern Height:
Set the max height in points. When pattern breakout bar is too long, there is almost always a retracement back to the grey box. So, better to trade only medium height patterns.
Also, not too small patterns as that would indicate low volatility.
Note that these are just sample values by default. Please use cross hair tool on your pair to determine the best point values.
Trend Filter:
Price mostly ranges sideways... and then breaks out and follows an overall trend. So, it is better to trade in direction of overall higher timeframe trend.
That's where Trend filters are useful. There are 2 choices: Halftrend or NRTR. It will depend on your style of trading. NRTR is mostly SR based. And halftrend is trend based.
If you are only quick scalping, then you can keep Trend Align to None. And trade with very close stops.
For a better trend, Select Higher timeframes for each current timeframe using Trend Timeframes:
e.g "M5=M30,M15=H1,H1=H4,H4=D1"
will mean that for current timeframe say M5, use halftrend/NRTR from higher timeframe M30 and so on...
Alerts:
Alerts are only for when a pattern happens. Suppose you have shiftbars set to 0, then it will start looking from current bar and will give an alert if pattern has ended on current bar.
There are no alerts for a breakout bar. Since some people will use high volume breakout bars, while others might not, there will be too many breakouts. And thus multiple alerts every time a bar exits the grey area.
So no alerts for breakout bars.
