The indicator was created based on a very simple but effective RSI basis. The indicator shows two different arrows in a chart. The arrows may have two colors - blue is signaling a bullish trend and red is signaling a bearish trend.
You can easily take an advantage of this indicator. As soon as the blue arrow appears - you can expect possible trend reversal from bearish to bullish. With a further Price Action confirmation, the first blue arrow can be used for opening a buy trade that would be holded until the red arrow will appear (or no arrow). Vice versa for short trades.
It is not recommended to open a trade at every candle / arrow. Each arrow shows if the current candle is a part of current bullish or bearish trend (or not anymore). This tool can be nicely used in a conjunction with the other indicators that you can download for free here.
In the indicator, it is possible to set "RSI_factor" variable. The default setting is 10. For trading long-term trends, higher setting is recommended (like 20). For trading short-term trends, lowever value is recommended (like 5).
High Risk Warning : Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.
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