Bar Meter Indicator is all-in-one indicator was inspired by meter and used some of its code as a template for the graphic objects.
It was designed to give alot more precision to both trade entries and exits and provide an instant snapshot of a currency pair's movement.
Bar Meter Indicator works on any Currency or Timeframe.
- Graph of Stochastic Oscillators on timeframes M1 up to D1.
- Indication of the market trend using EMA's on timeframes M1 to D1.
- The direction of the MACD on the current chart, and crossing of the signal line and zero line.
- The direction of a fast 3 period LWMA crossing a 5 period SMA (periods can be changed).
- The direction of the Parabolic SAR on the current chart for giving the exit signal and also confirmation for entry.
- Oscillating graph of the William's % Range indicator. This was used because of its fast movement and unique predictive quality. Also because its very good for identifying Overbought/Oversold conditions.
- A Bar % Increase/Decrease meter I developed to give a direct visual representation of the percentage rise or fall of the current price compared to the last 4 bars. It's simple but effective. The gist of it is that the previous 4 bar movements (close to close) are averaged and percentaged, so if the current bar rises above 100% it is speeding up above the recent average, conversely if it drops below 100% it is slowing down and taking on a more steady movement. Strong price movements are displayed in bright red or green, with varying shades according to the strength of movement.
- The overall recommended signal to trade, based on the various indicator signals.
- And last but not least the spread of the currency, in big easy-to-see numbers.
