Elder's rifle is a hybrid indicator which automates market analysis using the Elder's Triple Screen system.
Features
- The indicator analyzes six currency pairs using the Elder's Triple Screen system.
- The analysis is performed on 4 combinations of price ranges (Mn-W1-D1, W1-D1-H4, D1-H4-H1, H4-H1-M15).
- Switch range combinations using blue up/down arrows.
- The indicator will send an alert with recommendations in case of a buy or a sell signal for any combination of ranges.
- You can enable/disable alerts for different range combinations. For example, you can make messages arrive only for D1-H4-H1.
Settings
- Instrument_1 = "EURUSD"; - Select trading instrument.
- Instrument_2 = "GBPUSD"; - Select trading instrument.
- Instrument_3 = "USDCHF"; - Select trading instrument.
- Instrument_4 = "USDJPY"; - Select trading instrument.
- Instrument_5 = "USDCAD"; - Select trading instrument.
- Instrument_6 = "AUDUSD"; - Select trading instrument.
- Price_MACD_EMA - Determine the indicator's readings by the current and the previous bar (Current Price) or by the last closing and the closing before the last one (Close Price) for MACD and EMA.
- Price_ST_1_ST_2 - Determine the indicator's readings by the current and the previous bar (Current Price) or by the last closing and the closing before the last one (Close Price) for Stochastic.
- up_signal_color - Buy light color.
- down_signal_color - Sell light color.
- TimeFrames - Select a combination of ranges by default (Mn-W1-D1, W1-D1-H4, D1-H4-H1, H4-H1-M15).
- Alerts - Enable (true)/Disable (false) alerts.
- Alert_Interval = 5; - alert interval in minutes.
- MN_Wk_D1 - enable/disable alerts for this range combination.
- Wk_D1_H4 - enable/disable alerts for this range combination.
- D1_H4_H1 - enable/disable alerts for this range combination.
- H4_H1_M15 - enable/disable alerts for this range combination.
- Also, there are the settings for all indicators included into the hybrid: MACD, EMA and Stochastic. This allows you to set the system algorithm the way you like. The standard settings used in the classic Elder system are specified by default.
Preliminary signals
A preliminary buy signal appears when the first, the second and the third lights are green. It means we should be ready to buy.
A preliminary sell signal appears when the first, the second and the third lights are red. It means we should be ready to sell.
When to open a position?
The Elder's system recommends to open a buy position when the first, the second and the fourth lights are green.
A sell position is opened when the first, the second and the fourth lights are red.
