The script analyzer opens up new possibilities for graphical analysis of price charts and can be a useful addition to any trading strategy. It is mainly intended for manual trading, but in the full version it contains integration tools with trading experts. Does not perform independent trading operations
Based on the use of quadratic regression, the script builds the current non-linear trend and identifies the following characteristic price figures
- Linear Channel-a special case of a parabolic channel (a quadratic regression channel)
- Turn Up / Turn Down – change the direction of the price movement
- weakening of the rising / falling trend and the beginning of the non-directional movement Up and Flat/Down and Flat
- up/down movement with acceleration after Flat and Up/Flat and Down price consolidation.
The script classifies trends by their strength and assigns each trend a strength indicator of “Strong”, “Medium Strength”, “weak”(Slow) or “Almost Flat”(Almost Flat). For the last three detected figures, data on the type of trend and its strength are displayed, and on the price chart, the detected figures are displayed as channels. A different color is applied for each shape type.
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Original script functions:
- analysis of the combination of the last two formed figures, the results of which give a comment on the nature of the price behavior
- the figure is determined, which is in the process of formation and which should be expected in the near future.
- visual confirmation or refutation of indicator signals.
- the number of bars used to recognize patterns and calculate trend characteristics is set to 8 and cannot be changed.
- works only on M1
- does not generate a forecast based on the last and expected figure
- does not create global variables
The script works on any currency pair.