Technical Indicators for MetaTrader 5
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MetaTrader 5
Top Rated Products MT5
Overview
The indicator is designed to close positions on the market in time.
For example: to take profits ahead of schedule if the price has not reached TakeProfit, and the market is turning around.
The indicator analyzes the momentum, not the trend. He does not give any information about the trend.
The indicator is well suited for finding divergence.
The Ershov 38 Parrots indicator dynamically adjusts to the market and detects price movement impulses of medium and high amplitude. It almost does not react to small price jumps.
The fundamental difference from classical oscillators is the dynamic overbought and oversold levels, which are considered independently of each other.
The indicator can warn about the following events:
- it's too late to enter the market,
- if you have an open deal, then you still need to hold it for some time,
- if you have an open deal, then you should close it right now,
- if you want to open a trade, the indicator may prohibit entry into the trade due to the high risk of a reversal.
Terms of Use:
1) It doesn't matter which trading system you use. If you are trading according to the trend, it is convenient to enter the market when the 38 Parrots line is between DW and UP.
2) If 38 Parrots > UP, it is better to hold purchases if they are already made. Most likely, the growth will stop soon (within one impulse).
If 38 Parrots < DW, it is better to hold sales if they are already made. Most likely, the fall will stop soon (within a single impulse).
3) If 38 Parrots > UP, it is better not to make new purchases. Most likely, the growth will stop soon (within one impulse).
If 38 Parrots < DW, then it is better not to make new sales. Most likely, the fall will stop soon (within a single impulse).
4) If purchases were opened. After a while, you saw 38 Parrots > UP , this is a sign that you will need to close the position soon. When returning the 38 Parrots line in the interval between DW and UP, it is better to close purchases. The pulse is most likely completed.
If sales were opened. After a while, you saw 38 Parrots < DW , this is a sign that you will need to close the position soon. When returning the 38 Parrots line in the interval between DW and UP, it is better to close sales. The pulse is most likely completed.
All of the above is clearly shown in the screenshot.
The indicator is very effective in order to exit open positions in time. Has a high probability of working out. But, like all indicators, it cannot give an absolute guarantee.
