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The arrow indicator looks for possible price reversals and is based on the readings of the author’s candle patterns and tick volumes of the instrument.
- the indicator algorithm looks for the previous reversal patterns on the last three candlesticks.
- compares it with the tick volume readings (if the price rises and at some point the volume fades, then a downward reversal is possible. If the price falls, and the volumes fade-a reversal is possible up).
- if there is a sign of strengthening of bulls (in a falling market) or bears (in an ascending market), the indicator shows a signal in the form of an arrow for buying/selling.
Let’s say the price is rising. A new maximum is formed. Tick volumes begin to decrease. The indicator counts the number of completed orders at the Bid / Ask price. If the number of requests for Ask is greater than for Bid, then there is a possibility for the market to turn down. For purchase transactions, the conditions are reversed.
- The indicator has a built-in function for finding the extremum on a certain number of bars. The Number Of Bars For The Calculation Of Extremum variable is responsible For the number Of bars. By default, the number of bars is set to 50. That is, the extremum is searched for by the last 50 bars. If the High / Low of the signal candle is greater/less than the High/Low of all 50 bars, the indicator records the value as an extremum.
- Tick volume readings may differ from one broker to another, so the indicator readings may be different.
- The indicator does not redraw!
- When a signal appears, the indicator displays a message box with an audible signal.
- There are two types of signal detection built into the indicator. The first one is based on the total tick volume. Second in terms of the number of Bulls/Bears ticks. All signals can be enabled / disabled in the indicator settings.
- Use Alert – use a signal;
- The Number Of Bars For The Calculation Of Extremum – the number of bars for calculating the extremum;
- Bars Limit – the limit for calculating bars;
- Show Reverse In The Bull / Bear Tick Volume-show Bulls / Bears reversals;
- Show Reverse In The Tick Volume – show reversals on volumes;
- Show Information – show information about the tool;
- Show Title Symbol-show the symbol of the tool;
- Set Color Title Symbol – set the color of the symbol;
- Set Font Size Title Symbol – set the font size;
- Set Font Type Symbol – set the font type;
- X Distance Symbol – output distance on the x-axis;
- Y Distance Symbol – output distance along the y axis;
- Set Corner Symbol – Display angle;
- Show Price-show the current Bid price;
- Set Color Price – set the color of the price;
- Set Font Size Title Price – set the font size;
- Set Font Type Price – set the font type;
- X Distance Price – output distance on the x-axis;
- Y Distance Price – the output distance along the y axis;
- Set Corner Price – display angle;
- Show Spread – show the spread
- Set Color Spread – set the color of the spread
- Set Font Size Spread – set the font size;
- Set Font Type Spread – set the font type;
- X Distance Spread – output distance on the x-axis;
- Y Distance Spread – output distance along the y axis;
- Set Corner Spread – Display angle;
- Normalize Readings Spread-normalize the spread readings (for five-digit quotes)
- Show Time To Bar Close-show the time until the candle closes
- Set Color Time – set the color of the time
- Set Font Size Time – set the font size;
- Set Font Type Time – set the font type;
- X Distance Time – output distance on the x-axis;
- Y Distance Time – output distance on the y axis;
- Set Corner Time – Display angle;
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The arrowhead indicator tries to find possible price reversals as well as is based on the analyses of the author s candle patterns and tick quantities of the instrument The principle of signal outcome is as adheres to the indicator formula seeks the previous turnaround patterns on the last three candle holders compares it with the tick volume analyses if the rate increases and eventually the volume discolors then a down reversal is feasible If the rate falls and also the volumes fade-a reversal is possible up if there is a sign of strengthening of bulls in a dropping market or bears in