I’m throwing new indicator from my MQL sandbox.
SwingScillator is an oscillator type indicator, which tracks distance between two moving averages. The twist is, that distance is divided by ATR(50).
Few points about:
- Value of oscillator tells you how many ATRs are between two moving averages. This is my idea for measuring how “hot” is the market.
- This is not an idiotproof tool for trading. It requires some testing and adjusting to find good level for given currency pair and moving averages. For MA(3) and MA(50) on GBPUSD I like to use level of 15, but feel free to play around and share results
- This is not a sniping tool to open trades (blue lines in screen would be sniped trades). From what I see - it works best as a shotgun. I will try to use it as trigger for grid trades. So once it shows “overbought” I would rather start opening small sell trades every x pips and wait for reversal (red lines show where this strategy would work).
Any comments more than welcome
SwingScillator.ex4 (7.5 KB)