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Retracement Feeder

5


The Retracement Feeder checks for retracement opportunities after the first move has occurred. 

Basically it scans for the second wave of trend.

  • Works with any financial instrument, 
  • It does not repaint/change color or cancel arrows,
  • Easy to set and use.
  • Works great with Renko Charts

MT5 version: https://www.mql5.com/en/market/product/71340


How it works

  • The indicator is based on RSI and Stochastics. 
  • The algorithm used in the Retracement Feeder allows the Stochastic and RSI to minimize the turns and twists thereby reducing false oversold and overbought signals.
  • It scans for a buy retracement when the asset is oversold and for sells when overbought.
  • Place a buy entry if a candle opens above the upper trendline irrespective of the arrow that forms. If a sell arrow forms but the following candles open above the trendline open buy since the reverse signal has been initiated. Same rule applies to sells.

Settings

The indicator is straightforward to set up

  • Stochastic %K Period  [This is the Stochastic period. The tests have been conducted with a value of 100]
  • Stochastic %D Period   [This is the %D period. The tests have been conducted with a value of 1 ]
  • Stochastic Slowing   [This is the Stochastic slowing. The tests have been conducted with a value of 1 ]
  • RSI Period[The value can be adjusted if needed]
  • RSI Price  [You can tinker this, but close has been used to test efficiency]
  • Enable Alerts  [email, screen, and metatrader notifications alerts]
  • History Bars to Display  [This is the number of arrows you want to display on your mt4]

The default values work fine. Send me a PM for specialized settings for any of your instruments







Avis 1
zakey_ahmad
73
zakey_ahmad 2021.06.26 19:29 
 

good indicator

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Filtrer:
zakey_ahmad
73
zakey_ahmad 2021.06.26 19:29 
 

good indicator

Innovicient Limited
9181
Réponse du développeur ALFRED MURIITHI 2021.06.26 20:14
Thank for your review. We are humbled to have contributed to your trading 🙏💖
Répondre à l'avis
Version 2.0 2024.10.30
Refined and improved performance.
Version 1.9 2022.07.29
Improved indicator to work better
Added better filters
Can work better with Renko Charts
Version 1.8 2022.07.04
Interface improvement.
Version 1.7 2022.02.22
Interface bug removal
Version 1.6 2022.02.21
Adjusting default screen alert.
Version 1.5 2022.02.11
Added Signal validation mechanism
Version 1.4 2021.09.25
User interface improvements
Version 1.3 2021.09.25
User interface improvements
Version 1.2 2021.09.14
Interface improvement.
Version 1.1 2021.06.09
1. Fixing bug in the alert system.
2. Allow Arrows to form in current bar.