Two Rivers Alert indicator based on Arrows for MT5
The Two Rivers Alert signal arrow indicator generates signals to enter trades. Its calculations are based on the functioning of two moving averages - iMA. The first moving average calculates at the High price, and the second at the Low price. And when these moving averages cross, an arrow of a certain color and direction is made, forming a signal to enter a trade. However, the signal will not be played on some bars, since the minimum price of the bar must be below the MA Low value, and the maximum price of the bar must be above the MA High .
The indicator reproduces trading on any timeframe, with any currency pairs.
Two Rivers Alert has three input parameters that affect the inner workings of the indicator, that is, the moving averages that form its basis.
- -MA's: averaging period - the value of the period of bars to which the calculation of moving averages will be applied. The default value is 20.
- -MA's: horizontal shift - horizontal shift of moving averages. The default value is 0.
- -MA's: smoothing type - the type of smoothing of the moving averages that perform the calculation. The default value is Linear weighted.
In the settings of the Colors section, it can changed the colors and width of both arrows.
Two Rivers Alert, like all arrow indicators, gives a signal during the formation of an arrow. When making trades,it should be taken into account the color and direction of the arrow. A trade should not be made if there is no arrow above the bar.
Signals for Buy trades:
- -After crossing the moving averages, an arrow with a growth value was formed above the bar, that is, directed upwards.
When an arrow with a growth value is formed, a signal will be played, after which a long position can be opened. The trade should be closed if the arrow with the growth value has disappeared and a candle has formed with a fall value or there is no arrow at all. A stop-loss order is set at a recent local minimum.
Signals for Sell trades:
- -Under the signal candle, after the intersection of two moving averages, an arrow with a fall value was formed. The arrow points down.
After such an arrow appears on the price chart, a sell trade can be entered. The exit from the trade is determined by the appearance of an arrow with a growth value or the absence of an arrow. Stop loss should be set at the level of a recent local maximum.
The Two Rivers Alert signal indicator generates accurate signals, which are calculated using moving averages. The optimal points for opening positions will be indicated on the chart in the form of arrows. This makes the indicator very simple and convenient to use, which makes it possible for even beginners to trade. But before using the indicator practice on a demo account is recommended.