Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
Custom implementation of Bill Williams' divergent bar with angulation. The angle between the green line and the top/bottom of the bar is used as an angle, which basically corresponds to the updated recommendations from Justin Williams Angulation for the Wiseman Bullish and Bearish Divergent Signal Bar - YouTube. The default settings of the angle of 85 and 21 bar from the moment of crossing the lip line of the Alligator work quite well. If you use this indicator in real trading, I highly recommend not to engage in day trading. Use daily charts
This signal has been tested on EURUSD, US500, BTCUDS and DE40, it gives about 40% probability using 5-bar Bill's Williams exit.
If to use:
- one position
- same risk per trade
- stop loss on reversal base (it is not necessary divergent bar extremum)
- minimal angulation 90°
- 5-bar exit
- without take profit
- without breakeven
account equity should be positive. But take into account, that no single approach work all the time for single market and moreover for different markets. Any indicator is not trading system in any case, but only a helper to make a decision
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