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this Kangaroo Tail index has been designed to understand patterns on Forex and binary choices instruments.

Kangaroo Tail (“Kangaroo tail”) is an improved version of the well-known pin bar.

The Kangaroo Tail pattern is very effective and very simple to use in trading.

The method of working with Kangaroo Tail relies solely on price action.

Indicator input parameters:

  • Distance: distance, from the top or bottom of the candle to display the arrow, in pixels
  • UseAlerts (accurate/false): enabling alerts
  • popalerts (accurate/false): notification in the pop-up window
  • emailalerts (accurate/false): send notifications by email
  • pushalers (true/false): sending push notifications
  • soundalerts (true/false): Sound alert
  • soundfile – an audio file for an audio alert.

Trading rules:

  • For BUY: wait for the formation of a bullish Kangaroo Tail pattern in the support area after the downtrend. Wait for the breakdown of the maximum of the candle on which the Kangaroo Tail was formed (5 pips above High on the H1 timeframe and above). Open a trade immediately after the breakout of the maximum. You can also set a BUY STOP order at 5 pips above the candle’s maximum price (plus the spread). Stop loss should be set below the minimum of the candle with the Kangaroo Tail 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 formation of a bearish Kangaroo Tail pattern in the resistance area after the uptrend. Wait for the breakdown of the minimum of the candle on which the Kangaroo Tail 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’s low price. The stop loss should be set above the maximum of the candle with the Kangaroo Tail pattern. If the order does not work on the next candle, the trade becomes invalid, and it should be canceled.
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To draw support and resistance levels for trading with Kangaroo Tail, you can use the Fx Levels indicator: https://www.mql5.com/ru/market/product/22547

You may also like the Naked Forex Big Shadow indicator: https://www.mql5.com/ru/market/product/22785

The Kangaroo Tail indicator can be used on any timeframe.

The Kangaroo Tail indicator can be used on any instruments: Forex, binary options, futures, commodities and stocks.

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Published

05 May 2017

Updated

08 August 2020

Current Version

1.60

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blackduck December 29, 2020 8:21 am
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It does not work. The vast majority of alerts are wrong. I mainly bought because I didn’t need to stay in front of the charts the entire afternoon but it misses a great deal of tails!

ejiderick December 29, 2020 8:21 am
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In trading, simplicity is the ideal. This Indicators is a true definition of that. Following the rules and understanding it’d make trading easilier. I watched lots of video of Justintime and EarnWIthTodd on youtube on how the use it as a part of there everyday trading Strategy. This indicator works on all time and has been amazing!!

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