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This indicator is based on the idea of a popular Trend Trigger Factor indicator (ttf).
The indicator determines a price movement direction comparing high and low of the current candle with high and low of a price for a longer period.
The indicator parameters:
- Long_TTF_Bars – number of candles to calculate the price movement direction for a longer period of time (cannot be less than 2)
- Short_TTF_Bars – number of candles to calculate the price movement direction for a shorter period of time (cannot be less than 2)
If set by default, the indicator generates following signals:
- A formed candle has Lime color – the indicator confirms consistent growth of highs and lows of the price. There are good reasons to place Buy Stop orders on high of the first candle having such color.
- A formed candle has Red color – the indicator confirms consistent fall of highs and lows of the price. There are good reasons to place Sell Stop orders on low of the first candle having such color.
- A formed candle has Gray color – the indicator shows that the trend is weak. If you have an open position, it makes sense to place Stop Loss orders on the High/Low of the first candle having such color.
The indicator does not redraw.
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