The Identify Market State indicator allows you to set the beginning of a new trends and pullbacks on an existing trend. This indicator can be used both for trading on scalper strategies and for long-term trading strategies.
The indicator is based on the 14 periodic DeMarker indicator and the 8 periodic simple moving average from this indicator. Statistical studies have shown that the sharp peaks of the DeMarker indicator curve when they drop below its minimum line (oversold zone) or when they exceed its maximum line (overbought zone), indicate possible rollback points (which do not exclude the continuation of the same trend movement). Going beyond the same extreme lines of intersection of the DeMarker indicator line with the average from this indicator determine the beginning of new trends.
Possible moments of a change in trend direction and pullbacks are indicated by different arrows. The option to display these signals on the main chart by vertical lines is provided.
The indicator does not redraw. The indicator has all types of alerts.
Indicator settings.
- DeMarker Period. – The averaging period of DeMarker indicator. Values: any positive integer (14 default).
- Max level. – Maximum level of DeMarker (0.7 default).
- Min level. – Minimum level of DeMarker (0.3 default).
- DeMarker color. - Line color of DeMarker. (Magenta default).
- DeMarker width. - Line thickness of DeMarker. (1 default).
- MA Period. - Moving Average Period by DeMarker. Values: any positive integer (8 default).
- The averaging method - DeMarker indicator curve averaging method. Values: Simple (default), Exponential, Smoothed, Linear weighted.
- MA Color. – Moving average color from DeMarker. (Gold default).
- MA Width. - Moving average line thickness from DeMarker. (1 default).
- Arrows Buy Color – Arrow color for buy. (YellowGreen default).
- Arrows Sell Color - Arrow color for sale. (Red default).
- Arrows Width. - Arrow thickness. (1 default).
- Show rollback signals. Values: true (default), false.
- Show trending sell and buy signals. Values: true (default), false.
- Show vertical lines. – Show vertical lines of signals on the main chart. Values: true, false (default).
- The Signal method - Type of trading signal alert. Values: No, Send alert, Print (in expert), Comment (in chart), Sound + Print, Sound + Comment, Sound, Push + Comment, Push, Mail + Comment, Mail.
Screenshots.
