Wednesday, February 8, 2023

2 MA Channel Breakout

This indicator is based on the cross of a slow and fast EMA_close(not drawed) for the main trend,then at the breakout( close of the candle) of high/low channel a dot appear,if is white set a buyorder a the level of dot,sell if is red.

The two dot line are the SL level (HI-LO channel calculated on xx EMA),the white is for the buy, the red is for the sell operation, the two thick line are the TP level (Highest high since XX bars and Lowest low since XX bars).

Is my first indicator, feel free to make comments or some suggest to improve it.

I use 89 for the faster EMA and 144 for the slower and 89 for the SL and TP, and I suggest to use it in 1H or higher time frame.

I wish to create an EA with that indicator,that use the last entry signal level as pending order for buy/sell and a good system of trailing SL and TP.