Trading utilities for MetaTrader 4
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MetaTrader 4
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Overview
Buy and sell signals based on the Reversal Closing Price Setup for trend continuation, created by Stormer.
How does it work?
The indicator activates the buy signal when we have a low below the 2 previous lows and a close above the previous close.
For a sell signal we need a high above the 2 previous highs and a close below the previous close.
How to use it?
One way of using it, as suggested by Stormer, is to enter the trade with a buy stop order one tick above the high of the candle with the buy signal, placing the stop loss order one tick below the candle's low. When there's a sell signal instead, place a sell stop order one tick below the low of the candle with the sell signal, and a stop loss one tick above the candle's high.
If the entry stop order is not filled on the next candle, the entry signal is cancelled.
If filled, the signal arrow will change color and the suggested target is the entry bar's amplitude projected 2x up for the buying trade and projected 2x down for the selling trade.
Tip:
- The signal is better when the bar is a reversal one (hammer/shooting star) or immediatelly followed by a reversal pattern (engulfing pattern/dark cloud cover/piercing pattern).
Advantages:
- The indicator includes a filter that the creator calls "Eden of traders", when the price is ahead 2 moving averages (fast and slow) on a trend. You can enable or disable this filter. And you can also change the period, type and price of those moving averages.
- Allows different colors for activated signals, so you can visually analyze the strategy on past prices.
- Lets you change the type of arrow so you don't confuse with other indicators already in use.
- Can ring an alarm to draw your attention when there's an entry signal.
- Can pop an alert on the platform to inform you when there's an entry signal.
- Can send a push notification on your smartphone when there's an entry signal.
Features you can edit to your preference:
- Periods of moving averages (It does not have to be 8 and 80. It can be any you want.)
- Type of moving averages (Simple, Exponential, etc)
- Type of price for moving averages (Close, high, low, etc)
- Distance between the arrow signals and the candle's high/low
- Type of the Buy and Sell signal arrows, based on the Wingdings font
- Color and size of the Buy and Sell signal arrows
- Color, thickness and style of the moving average
- Enable push notifications
- Enable pop-up alerts
- Enable sound alarms
- Sound of the alarm
Who is the creator?
Alexandre Wolwacz "Stormer" - Author of 15 books, trades since 1998.
Founder of L&S with Leandro Ruschel, already taught over 50 thousand people on the Stock Market. Currently has almost 200 thousand subscribers in his channels.
Keywords: Setup PFR, Eden of Traders, Pullback, Touch the MA, Setup Stormer, Setup Palex, MOL, Lorenz, Ogro, RM, Oliver Vélez, L&S.
