There are 3 alarm functions in the indicator at this moment.
- Bouncing alarm.
- Level alarm.
- DoubleBar alarm. (DBHLC and DBLHC)
1) Indi works with 3 EMA's. When price revert below the fastest MA and right on the next bar bounce up over the MA again, you will have an alarm.
2) If you want to be alerted when a certain level is touched, then this alarm is for you.
3) The Double Bar alarm alerts when this pattern is present. Se here in post 22 how the pattern works. Trading Ideas - What works for you? | Forex Factory However the right way is to measure the highs/Lows - not the open close.
The chart
I like the simple overview. My chart has the 3 EMA's and the price is a Linechart. It gives such a nice picture of trends. I colour the EMA's Green, Yellow and Red. Call it the Trafficlight.
The Settings
Alarm: Gives an alert on your screen.
Notification: To your mobile, if it has the MT4 app installed.
Then there is the values for the 3 moving averages.
LevelAlarm: Obviously set the value that you want to overview. You get an alarm when it is breached.
DoubleBar Alarm:The DBHLC and DBLHC patterns are overviewed. You get an alarm when they are present. But only if the Traffic Light is aligned properly. Change the chart from Line to Candles to watch the situation.
DBHLC Pips. The theory is, that the highs/Lows shall be aligned, but if you want patterns allowed with a slight difference then set the difference here.
The Colours: You can have the background changing when there is a bounce alarm. If you don't want this option, you just set the colour of all three to the background colour that you wish.
Note. You will get many alarms when chart is ranging which is unusable. That's life. You have to select the alarms you want to react on.
Note. My tools might be errorprone. Don't trust them. Use your own brain.
If you find errors, please let me know so that it can be corrected.
For some reason the Up arrows are not placed with the right distance to the bars. That will be corrected.
Coming improvements - maybe in version 4:
- Alarms are not sent in ranging periods.
- Alarms for Double Bars only sent when the bars has a certain size.
- If you got an arrow in one timeframe and then change timeframe, the arrow will still be there. It's annoying. Will be improved. EDIT: I think I got that right now. But let this text stand until I am certain.
EDIT: Some vital code disappeared in the Version 3. It is reinserted in version 4. If you have downloaded version 3, then change it. Now I am working a bit fast, so I hope I have not made more errors.
gettin Lazy on oll Age ! 