Integrate Extreme Spike Indicator (with improved alert system)

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Paul
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  • Under review

Extreme Spike.mq4

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This indicator paints blue (support) and red (resistance) where price tends respect. It has an option where it will not repaint, as can be seen below

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The non-repaint option however messes up the signaling. This can be a valuable indi for multitude of ways (setting stop loss, entry/exit, trend following e.g. only long per spike after blue and only short per spike after red). Thank you in advanced Sir Andrey and community, l hope you seriously consider.

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Andrey Khatimlianskyi
  • Under review

Have you tried it with NoRepaint = true in the strategy tester visual mode? Are the signals still good?

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Paul

Yes Sir. (Taken today) The stars on the chart would have been great entries even if the second and third were counter trend. The small dots as pointed by the arrows were detected bottoms and tops, if only the indi has a more proper way of giving buy/sell signal immediately after the non-colored spikes appear. Or even on late entries, the colored spikes would give us a sense of direction of the price; non-colored spike are great references for setting stop losses. With this indi, we can have Risk Reward Ratios on our entries, and as shown above 1:2 or even 1:3 are possible.

Entry on non-colored spike and exit on colored

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Paul

Another idea that has been on the back burner, since l mentioned stop losses - is the usage of the symbol's spread; basically stop loss = price on non-colored spike + spread of symbol * 1 or 2. Tighter stop loss for better RRR and lower chances to getting stopped out too early. Though it might not be applicable for XAU

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md mijanur rahman
Quote from Paul

Yes Sir. (Taken today) The stars on the chart would have been great entries even if the second and third were counter trend. The small dots as pointed by the arrows were detected bottoms and tops, if only the indi has a more proper way of giving buy/sell signal immediately after the non-colored spikes appear. Or even on late entries, the colored spikes would give us a sense of direction of the price; non-colored spike are great references for setting stop losses. With this indi, we can have Risk Reward Ratios on our entries, and as shown above 1:2 or even 1:3 are possible.

Entry on non-colored spike and exit on colored

Thanks for the good information.

Could you pls share of this indicator which i will try for manual trading first

Thanks,

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Paul
Quote from md mijanur rahman

Thanks for the good information.

Could you pls share of this indicator which i will try for manual trading first

Thanks,

---

It is there above.

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1
md mijanur rahman
Quote from Paul

Yes Sir. (Taken today) The stars on the chart would have been great entries even if the second and third were counter trend. The small dots as pointed by the arrows were detected bottoms and tops, if only the indi has a more proper way of giving buy/sell signal immediately after the non-colored spikes appear. Or even on late entries, the colored spikes would give us a sense of direction of the price; non-colored spike are great references for setting stop losses. With this indi, we can have Risk Reward Ratios on our entries, and as shown above 1:2 or even 1:3 are possible.

Entry on non-colored spike and exit on colored

Dear sir,

Pls share on above indicator on the chart i mean which showing the star on the main chart.

Thanks,

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Paul
Quote from md mijanur rahman

Dear sir,

Pls share on above indicator on the chart i mean which showing the star on the main chart.

Thanks,

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That is not an indicator, l drew those stars which correspond with the strategy utilizing the spike indicator.

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md mijanur rahman

Oh thanks for your clarification !