I've created this as a confirmation indicator to help know when market conditions are favorable to enter a trade. It measures volume
, and ATR. It is not intended to tell you when to enter/exit the market, but use it with another indicator such as the mirror macd
to filter out many losses and avoid entering the market during low volume
or excessive volatility
that may trip your stop loss.
Green = Favorable Market conditions
Yellow = Enter with caution, the market is moving sideways but is slightly trending
Orange = Enter with caution, the market is trending but extremely volatile and may trip stop loss early
Black = Shouldn't enter market here, market is moving sideways and volume
is also low.