This indicator recognizes two powerful patterns IDRN4 and IDNR7 on 28 pairs when a new daily bar appears.
IDNR4 is short for “Inside Day Narrow Range 4″, where” Inside Day “is the daily bar with a lower high and a higher low compared to the previous bar, and” Narrow Range 4 ” is the bar with the narrowest range in the last 4 bars. Similarly, “Narrow Range 7” – for the last 7 bars.
Therefore, ID/NR4 and the more reliable ID/NR7 are objective criteria for determining days with a reduced range and volatility.
If the ID/NR4 or ID/NR7 pattern is detected, you should open a breakout trade as the volatility resumes.
- Pairs_Suffix: the suffix of the pair, for example, “micro” or “- ECN”.
- Alert_Notification: Alerts in the terminal when an IDNR4 or IDNR7 pattern is detected on one or more pairs.
- Push_Notification: Sends push messages to the mobile device when an IDNR4 or IDNR7 pattern is detected on one or more pairs.