Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
Buy and sell signals based on Larry Williams's exponential moving average strategy 9.1 for trend reversals.
How does it work?
The indicator activates the buy and sell signal when a candle closes turning the 9 period EMA.
How to use it?
One way of using it, proposed by Larry Williams, is to enter a 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, you can cancel it and wait for another signal.
If filled, the arrow will change color and it is possible then to trail the stop loss order based on the 9 period EMA and exit the trade when there's a new opposing signal to get the most profit of the new trend.
Tip:
Great for early entries on big reversals. Just be careful with it inside narrow sideways ranges.
Advantages:
- Filters automatically non-valid signals such as 9.4 or consolidating prices when the moving average loses its trend tracking effect.
- Repeats entry signals while they remain valid.
- 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:
- 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 exponential moving average
- Enable push notifications
- Enable pop-up alerts
- Enable sound alarms
- Sound of the alarm
Who is the creator?
Larry Williams is an American stock and commodity trader, author of 11 books and creator of indicators such as the "Williams%R" and the "Ultimate Oscillator", with over 60 years of trading experience.
Won the 1987 World Cup Championship of Futures Trading, turning $10,000 to over $1,100,000 in 12 months with real money. Ten years later, his daughter Michelle Williams won the same competition.
Keywords: Setup 9.1, Setup Larry Williams, Palex, MOL, Lorenz, Ogro, RM.
