Float MetaTrader indicator — a sophisticated indicator that analyzes the previous chart history for the given
currency pair and then tries to analyze the trends in the current situation. It shows the trends' beginnings and ends
in a separate chart window and the Fibonacci retracement levels on the main chart. It also displays how long ago the local high and low were detected.
Input parameters:
float (default = 200) — the amount of bars to process for trend analysis. The lower is the number the more current
the data will be but the less accurate the analysis will be.
use_fibos (default = 1) — if 1 then Fibonacci retracements will be drawn on chart. If 0 then Fibonacci
retracements won't be drawn on chart.
Backtesting (default = 0) — doesn't affect anything.
http://www.forexsecretindicator.com/Float.gif
As you can see, the trend's beginning and the end are marked clearly on the chart with this indicator.
You can attach it and wait for the beginning of the next trend and then decide whether to buy or sell.
Fibonacci retracement levels can be used for the target and stop-loss levels.
Downloads:
Float in .zip (http://www.forexsecretindicator.com/Float.zip)
