The Big Shadow indicator is designed to recognize patterns on Forex and binary options instruments.
Big Shadow (“Big Shadow”) is an improved model of the well-known “Absorption” model.
The Big Shadow pattern is very effective and very easy to use in trading.
The strategy for working with Big Shadow is based solely on price action.
Indicator input parameters:
- Distance: the distance, from the top or bottom of the candle to display the arrow, in pixels
- UseAlerts (true/false): enable notifications
- PopAlerts (true/false): notification in the pop-up window
- EmailAlerts (true/false): sending email notifications
- PushAlers (true/false): sending push notifications
- SoundAlerts (true/false): sound alert
- SoundFile – an audio file for an audio notification.
- For BUY: wait for the formation of a bullish Big Shadow pattern in the support area after the downtrend. Wait for the breakdown of the maximum of the candle on which the Big Shadow was formed (5 pips above the High on the H1 timeframe and above). Open a trade immediately after breaking the maximum. You can also place a BUY STOP order at 5 pips above the candle’s maximum price (plus the spread). The stop loss should be set below the minimum of the candle with the Big Shadow pattern. If the order does not work on the next candle, the trade becomes invalid and it should be canceled.
- For SELL: Wait for the Big Shadow bearish pattern to form in the resistance area after the uptrend. Wait for the breakdown of the minimum of the candle on which the Big Shadow was formed (5 pips below the Low on the H1 timeframe and above). Open a trade immediately after the breakout of the minimum. You can also set a SELL STOP order at 5 pips below the candle minimum price. The stop loss should be set above the maximum of the candle with the Big Shadow pattern. If the order does not work on the next candle, the trade becomes invalid and it should be canceled.
To draw support and resistance levels for trading with Big Shadow, you can use the Fx Levels indicator: https://www.mql5.com/ru/market/product/22547
You may also like the Naked Forex Kangaroo Tail indicator: https://www.mql5.com/ru/market/product/22734
The Big Shadow indicator can be used on any timeframe.
The Big Shadow indicator can be used on any instruments: Forex, binary options, futures, commodities and stocks.