This is potentially our most ambitious indicator and works as a full trading system. The indicator provides use cases for trending, breakout trades, range-bound market identification and counter-trend trade setups. Fibonacci extensions and a proprietary trading range derived from a higher time-frame make up the indicator. In addition, we have built in a state-of-art alerting system including custom audio alerts and email notifications.
Utilizing a Higher time frame, key levels are identified to display an expanding or contracting trading range, thereby giving the trader a view as to how volatility is impacting the chosen market. A trading range is identified and a bullish or bearish trend is automatically generated for trend following trade setups.(See the first image, with “Bearish Trend Signaled” and “Bullish Trend Signaled”)
Fibonacci extensions are calculated from the top and bottom of the range. These are extremely important levels and provide key support and resistance levels and potential high probability counter-trend trade setups.(See the third image, with “Key Resistance/Support Levels”)
The indicator includes custom audio alerts as well as email alerts, and full user-functionality in controlling plot coloring and alerting.
Higher time-frame Use Cases:
-Hourly Chart using Daily Time Frame
-5 minute using 240 Min Time Frame
-Daily using Monthly Time Frame
*Indicator for NT 8 only. Can be converted to NT 7 for an additional fee.