Retracement Percent Monitor
Retracement Percent Monitor indicator predict percent of retracement based on four different indicators.
- Display retracement percent current timeframe and higher timeframe.
- Parameter to select higher timeframe.
- Display average percent of Four different osciallator indicators.
Retracement Percent Monitor Formula
This indicator depends on Four different osciallator indicators optimized with specific parameters and equations,
- Indicatos used in the equation:
- RSI indicator
- Stochastic indicator
- WAE indicator [special formula equation]
- Williams percent range (WPR) indicator.
How to Trade Retracement Percent Monitor
This indicator doesn't give entry signals but instead you can use it as filter for your strategy to detect when the market is about to change it's direction or when you should exit your trade.
When you should buy:
- If AVG monitor percent is above 70% and gives Green arrow.
When you should Sell:
- If AVG monitor percent is above 70% and gives Red arrow.
Retracement Percent Monitor indicator has some parameters so you can adjust it according to your needs, I'll explain it in details.
higher timeframe to display on the indicator monitory.
Version 1.0 01.11.2019
- First initial version
Version 1.0 05.12.2019
- Update retracement equation.