The indicator is based on a higher time frame of your choosing and the recommended time frame is 4x of the active chart.
The indicator is based on a higher time frame that you choose. As the timeframe needs to close until we get a reading there will always be a delay for the result so we can take the latest reading.
- On a 15-minute chart choose the 1-hour timeframe.
- On a 1-hour chart choose a 4-hour timeframe.
- Repeat the same formula for additional timeframes.
Every chart is different. Use the parameters to adjust the levels and see the best results, this way you can adjust the trend in the best way for you to trade.
How to use the indicator?
When you first attach the indicator to a chart you will see the license registration and verification window, once you click on the Next button, if you have already registered you should the indicator parameters window as shown below.
- Choose the timeframe the indicator will extract data from. 4x Recommended.
- The length of the RSI indicator was used. Smaller numbers will give smaller trends and higher lengths will give bigger trends. 7 or 14 recommended.
- Overbought (80 is Recommended) - adjust according to the movement of the chart. Some symbols need a tighter OvB level, such as 70 and some need to open up to even 85.
- Bull (60 Recommended)
- Bear (40 Recommended)
- Oversold (20 Recommended - adjust according to the movement of the chart. Some symbols need a tighter OvS level, such as 30 and some need to open up to even 15.
Here you can choose the colours and thickness of the levels visually.
- Ability to identify the start of a trend.
- Ability to identify the end of a trend.
- This indicator does not repaint.
- Option to choose a different timeframe from the chart.
- Option to integrate into the Ultimate Trade Manager
Complete Trading Solution
Why not get the complete trading solution with the Ultimate Trade Manager which uses this indicator for risk management and locking in your profits. The Ultimate Trade Manager (UTM) is a cBot for cTrader that allows you to place trades with advanced stop loss and take profit features while calculating the required volume automatically.
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install it onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.