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Purpose:
Produce and buy and sell arrows that are based on up to 4 of the most popular indicators known to traders.
It has been said that the Moving Average, MACD, RSI, and Stochastic indicators can easily identify most trading opportunities.
This indicator allows the user experiment with signals based on 1, 2, 3, or all 4 of the mentioned indicators.
The indicator also has a signal mode that can be set to CONSERVATIVE , MODERATE, or AGGRESSIVE.
Inputs:
- SignalMode – Mode that determines how many of the indicators being used must be in agreement to generate buy or sell arrow/signal
- CONSERVATIVE – All indicators being used must be in agreement to generate a signal arrow
- MODERATE – 50% OR more of the indicators being used must be in agreement to generate a signal arrow
- AGGRESSIVE – If any of the indicators being used becomes bullish or bearish, a signal arrow will be generated
- Use3MovingAvgs – if true then the relative position of 3 Moving Averages and price will be considered
- FastMA_Period – Fast Moving average period
- FastMA_Method – Fast Moving Average method. Possible values include SMA, EMA, SMMA, or LWMA
(ie. Simple averaging, Exponential averaging, Smoothed averaging, or Linear-weighted averaging) - MediumMA_Period – Medium Moving average period
- MediumMA_Method – Medium Moving Average method.
- SlowMA_Period – Slow Moving average period
- SlowMA_Method – Slow Moving Average method.
- UseMACD – if true, then the Moving Averages Convergence/Divergence (MACD) indicator will be considered
- FastEMA – MACD Fast EMA averaging period
- SlowEMA – MACD Slow EMA averaging period
- SignalSMA – MACD Signal line averaging period
- UseRSI – if true, then the Relative Strength Index indicator (RSI) will be considered
- RSIPeriod – RSI period
- RSImin – RSI minimum
- RSImax – RSI maximum
- UseStochastic – if true then the Stochastic oscillator indicator will be considered
- KPeriod – period of the %K line
- DPeriod – period of the %D line
- Slowing – slowing value
User Notes:
The use of 3 Moving Averages and price, the MACD, RSI, and Stochastic indicators are time tested indicators, familiar to nearly all traders. Most traders have experience using them individually.
This combo indicator allows them to be used in combination with each other to generate trading signals. The user can experiment with different combinations of these indicators, in order to generate the signals to best suit their strategy.
The combo indicator also provides a signal mode to control how aggressively the selected combination of the indicators are used.
In Conservative mode, all the indicators must align in the same direction before a signal arrow is generated.
In Moderate mode if half or more of the indicators being used give similar directional bias (bullish or bearish), then the combo indicator will generate a trade signal in that direction
In Aggressive mode, if any one of the indicators being used becomes bullish or bearish, then the combo indicator will generate a trade signal.
Note – If only one indicator is being used, the signal mode selected won’t matter.
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*Please note – in the pictures shown, the combo indicator is responsible for what is shown on the main chart window, The indicators shown in the sub-windows are produced from the MACD, RSI, and Stochastic indicators that come with any Metatrader 4 platform
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.