Donch +
This is an indicator I made for trading Forex to help me see the bigger picture. It is meant for the 30min TF and it includes the following:
- 20 Day High | Low
- 5 Day High | Low
- 4 Hour High | L
- 4 Hour Bars
- Daily Simple Moving Averages
- Weekly Trend Line (connects last week's open to this week's open)
- Daily Trend Line (connects yesterday's open to today's open)
- Horizontal Lines at 0.25% increments (these can be useful for S/R... currency rarely moves more than 1% in a day).
- A table with information about what markets are open and technicals on the pair I am looking at.
- A slight white background fill to highlight the first hour of the US session. Knowing what session you are in is very important in day trading (in my opinion). This lets me go back and see how the US has been trading.
To keep the chart from being "too busy" (it's plenty busy lol), I use a step line and focus on 30min closes. I reference the white lines above and below closes for 4hr highs/lows and don't bother with looking at the high/low of every 30 min bar.
For the table, you will see bright green by the country for the first hour of trading in that session. It will turn to a regular green after the first hour. It will turn yellow the final hour of that session. It will turn red if that market is closed.
You can select from the settings 'inputs' tab to enable/disable any parts of this you don't find useful, for the table you'd go over to the 'style' tab and unselect it there. For example, I don't use the labels regularly. If I were to get confused about what a moving average was or something, I'd enable the labels and clarify.
Currency doesn't like to break out and likes to be stable. Keeping this in mind, you can see how the 20 day high / low and the 5 day high / low act as support and resistance (unless there is a news event to break out on.
I have alerts for the following:
- Price update every hour
- Crossing a trend line
- Crossing a moving average
- Crossing a 0.25% increment
- Making a new 4 hour, 5 day, or 20 day high/low
To enable the alerts, you would click add alert, select the indicator, and click save. To work properly, you'd want to be on the 30min TF before doing this. You will get a lot of alerts (personally I like this because I like to see how currency moves throughout the day). You will get one notification per 30 minutes but not more than that for the particular alert.
- 20 Day High | Low
- 5 Day High | Low
- 4 Hour High | L
- 4 Hour Bars
- Daily Simple Moving Averages
- Weekly Trend Line (connects last week's open to this week's open)
- Daily Trend Line (connects yesterday's open to today's open)
- Horizontal Lines at 0.25% increments (these can be useful for S/R... currency rarely moves more than 1% in a day).
- A table with information about what markets are open and technicals on the pair I am looking at.
- A slight white background fill to highlight the first hour of the US session. Knowing what session you are in is very important in day trading (in my opinion). This lets me go back and see how the US has been trading.
To keep the chart from being "too busy" (it's plenty busy lol), I use a step line and focus on 30min closes. I reference the white lines above and below closes for 4hr highs/lows and don't bother with looking at the high/low of every 30 min bar.
For the table, you will see bright green by the country for the first hour of trading in that session. It will turn to a regular green after the first hour. It will turn yellow the final hour of that session. It will turn red if that market is closed.
You can select from the settings 'inputs' tab to enable/disable any parts of this you don't find useful, for the table you'd go over to the 'style' tab and unselect it there. For example, I don't use the labels regularly. If I were to get confused about what a moving average was or something, I'd enable the labels and clarify.
Currency doesn't like to break out and likes to be stable. Keeping this in mind, you can see how the 20 day high / low and the 5 day high / low act as support and resistance (unless there is a news event to break out on.
I have alerts for the following:
- Price update every hour
- Crossing a trend line
- Crossing a moving average
- Crossing a 0.25% increment
- Making a new 4 hour, 5 day, or 20 day high/low
To enable the alerts, you would click add alert, select the indicator, and click save. To work properly, you'd want to be on the 30min TF before doing this. You will get a lot of alerts (personally I like this because I like to see how currency moves throughout the day). You will get one notification per 30 minutes but not more than that for the particular alert.