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Signal Bars Indicator
Trend /Reversal /Continuation HELPER
This is a small program that i find useful to give me a quick reference as to the current condition of the market, the M1 & M5 give you the short term info as to reversals or retracements, the M15 & m30 give the medium condition, and the H1 & H4 give the daily trend condition. If the H1 & H4 are the same color the trading range is generally large if different the range is generally smaller and the trading tends to be choppy.
This can be located in either the top left or top right of your chart and has the option of either having the extra details ( Daily Av, spread etc ) or not.
The price color changes based on the average daily trend condition
LIME = UP ................. ORANGE = Flat ................. RED = Down
The MACD is based on a fast setting of 8/17/9 and has a quicker response than the standard 12/26/9 settings. If the MACD crosses UP while below the zero level the color is GREEN if it crosses UP while above the zero line the color is LIME and for the cross DOWN if above the zero level it is TOMATO and below the zero level RED, so if for example the price turns UP below the zero level it turns GREEN and then if it continues up thru the zero level it turns LIME which shows the move has some strength.
The STR (or STRENGTH) is based on the average of RSI Period 9 / Stoch 533 & CCI Period 13
If all the indicators are showing an UP move then the bar color is LIME, for a DOWN move RED and if some are UP and some DOWN then ORANGE
The EMA is based on the cross of an EMA5 & EMA9
UP move is a LIME Bar and DOWN is a RED Bar
The Daily Average figures change from red to green based on whether the range today is higher or lower than yesterday, so if the range was say 60 yesterday and 70 today based on the last 20 days average then the Daily average numbers would be GREEN.
The pips to Open change color from red to green depending on whether the Price is above or below the Open price for the day.
This gives a very good average of the market which I have found to be very accurate. If all the lower timeframes are turning GREEN then a reversal or retracement is on and if the M15 & M30 also change to GREEN then it adds strength to the move of course it goes without saying if you are going to trade against the trend of the H1 & H4 then be very careful, particularly the H1 gives the TREND STRENGTH for the current day either supported or not supported by the H4.
If both the H1 & H4 are the same color then a currency pair will generally move past the Daily Average figures
If different colors or changing between colors the Daily Average is about the top of the range for the day.
Enjoy cja
I have now added options for smaller size & Price has an ON/OFF option - Plus you can now alter the distance from the top using the Shift function in the inputs tab
NOTE: Occasionally some of the STR Bars go blank as I have not coded in every single option for the ORANGE Bars due to the huge number of lines of code required, this usually only lasts for a very brief period, the PRICE may also disappear on occasion but the same applies it is only usually a brief period of time as the code moves from one option to another or passes over the gap in the code, I have not found it to be a problem so do not think it worth the extra lines of code at present. If the Bar/Price disappear it means you are in an ORANGE zone anyway.
POSTED ON Yahoo MetaTrader Experts and Indicators Group
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Linear Mode
