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Indicator
Purpose:
To find good “go long” bars by showing bars with the lowest “move sum” rank.
Inputs:
- MoveSummationBars – the number of previous bars summed to calculate a bars “move sum” (see User Notes)
- RankBars – Number of candles a bars “move sum” is compared against (see User Notes)
User Notes:
For each bar in the specified RankBars group, this indicator adds the “sum” of the prior MoveSummationBars. The indicator then determines where this total MoveSummationBars sum for a bar falls within the last RankBars group of bars.
It is believed that following a bar with a “move sum” rank of zero (when it touches the bottom of the indicator subwindow); it is an excellent place to go long especially when other signals or filters you may be using support this. Testing has shown it is not that useful for finding short trades.
One use on a day timeframe chart would be to go long when the last closed bar had a rank of zero. Then take a profit at the close of the bar you went long on. Alternatively you could use a trailing stop and hope the trade catches the start of an up trend.
System Requirements
To run Metatrader 4 you should be using Windows 2000 or later, with a 2.0 GHz or faster CPU, and at least 512 MB RAM (although 1 GB is recommended). You should have a screen resolution of 1024 x 768 or higher, and an internet connection speed of 56 kbps or faster.
3 mos. access
Both the long-term and short-term Spearman indicators are below their three-bar moving average of themselves.
Hi Jeremy. I am not familiar with the Spearman. What instrument are you referring to?