Welcome, and thank you for viewing, and hopefully using, my indicator.
This is a trend following system.
This automatic recipe involves 2 confirmation/trend indicators, and a indicator.
INGREDIENTS WITHIN THE SYSTEM:
Confirmation Indicator 1- ZEROLAG AND CROSS AUTOMATIC INDICATOR (18,18)
Confirmation Indicator 2- (9)
Indicator- EXPLOSION (150,20,40,20,2)
Optional Indicators :
Would need to add to charts manually, alongside this indicator to make the full & complete, fresh &tasty 'BANOFFEE PIE TRADING SYSTEM' as per image.
Continuation Indicator- FOREXCAKEMIX MACD_VXI (13,21,8): can be found in TVs Public Library
Exit Indicator- FOREXCAKEMIX QQE (14,5,4.236): can be found in TVs Public Library
Kijun- Long signals are given only if the price (close) is above the base line regardless of anything else. Short signals are given only if the price (close) is above the base line regardless of anything else.
ZeroLag and cross- This part of the indicator involves a ZeroLag and cross. The default settings are 18,18.
The is there to confirm the signals given from the ZeroLag and cross, and signals are only given when the agrees with the other elements, for example for a long trade the would be required to be above 0.
The Indicator- For long trades, signals are given if the current period is green and above the explosion line. For short trades, signals are given if the current period is red and above the explosion line.
Risk Management/ Trade Entry and Exit Example:
For each trade, the SL (Stop Loss) will be set at 1.5 x ATR and the TP (Take Profit) at 1 x ATR.
Each trade to be split into two halves. Once the TP is hit in a successful trade, to move the Stop Loss of the remaining half of the trade to the break even point and then use the QQE to exit. If price has remained below the baseline and the rest of the system (excluding ) agrees.
The maximum risk per trade is 1% of the account.
ATR (14)- default setting.
Trailing Stop Loss- This is optional and could be set at 1.5 ATR once your trade hits a certain (pre-defined) price after the TP is hit, e.g after 100 pips profit.
Editable Settings that can be found within the 'Settings Panel' of the indicator are:
- Kijun Period
Zero Lag Length
Explosion FastEMA Length
Explosion SlowEMA Length
Explosion BB Channel Length
Explosion BB Stdev Multiplier
Chart Timeframe: Daily Charts
Suggested Currency Pairs:
Peace & Love,