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.
- 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.