MRO 2 is a client side VTL indicator. MRO2 is a volatility indicator, more responsive to quick changes in volatility. Sudden changes in volatility indicates change in the prevailing market sentiments. Sharp rise in the indicator value shows these sudden changes in volatility. This information can be adapted to the trading strategies to make them refined.
MRO 2 can be used to identify valid breakouts. When a break out happens, if MRO 2 indicator rises to a higher reading, chances are the breakout successful. Lower indicator values imply a smooth sailing market. This information is useful in placing stop loss. When the indicator is at lower levels, tight stop losses can be safely used.
The indicator can be customized with the parameters. Parameter, MRO Period is the indicator period. This is the only parameter available with MRO 2 indicator. The parameter value is changed in the VTL editor.
MRO2.zip (2.17 KB)