This is a support indicator to the Main Indicator which has also been published.
This indicator is from the basis of user Everget and a friend of mine on another site. This indicator has used a smoothing function in an attempt to provide more robust signals.
In this indicator the user is looking for:
- Long trade: Upward sloping signal line and OBV greater than the signal line (shaded green).
- Short trade: Downward sloping signal line and OBV less than the signal line (shaded red).
A horizontal signal line is a sign that the market is moving horizontally and trades should be placed very carefully. This indicator should definitely be used with the others in the suite to provide confluence when making a trade.
I've been using this successfully on the one hour FX charts, but seems to work equally as well on higher or lower time frames (not less than 15min).
The other indicators which are part of the suite are shown on the website which is highlighted in my signature at the bottom of the page. Purchase of the main indicator gives access to the full suite of eight indicators. I use the other indicators to confirm the direction of the trade and to determine if I want to trade or not. I use it along with the 2min, 15min and 4hr timeframes to identify the best entry window and how long I'm likely to be in the trade.
Support can be provided via private message or in the comments below.
The links are provided below for access to the indicator.
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact Mikeo82 for more information, or follow the author's instructions below.
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