To use the Hourly Pivot Lines indicator, you must construct a multi-data chart with a 5-minute chart as Data1 and a 60-minute chart as Data2. (To create a multi-data chart, you must first create a new chart window containing a 5-minute chart. Then, without leaving that chart window, click on “Insert” “Price Data” and select a 60-minute chart of the same price data. Check the “Plot Options” section in the bottom of the Insert Price Data window and uncheck the box marked “Replace Selected Price Data.” Then click on “Plot”. In the “Format Price Data” window, click on the “Properties” tab and set the “Subgraph” box to “Hidden” for Data2.
This study automatically detects the most recent swing high and swing low of a price chart and plots a series of lines on the chart representing the 38%, 50% and 62% Fibonacci retracement levels from the most recent Swing High/Low to the lowest low/highest high of the current swing leg. The amount of price reversal required to define a swing reversal, and therefore the sensitivity of the system, is controlled by the input variables TICKCHG and PCTCHG, as described previously.
Radar 2 Price LeaderTM is an excellent acceleration-based early warning indicator. This indicator is very useful in all markets and time frames to identify impending changes in direction. A crossover of the red Fast Radar 2TM line over the green Slow Radar 2TM line signals an impending change in direction for the market. Price direction changes are confirmed by a crossover of the Slow Radar 2TM line over the 50 centerline.
This exciting new oscillator from Traders Toolbox gives the user a clearer insight into the inner workings of the markets. The plot is a magenta/blue histogram of a proprietary triple smoothed overbought-oversold oscillator. When the bars are blue and above the centerline, the trend is up. Magenta bars above the centerline indicate a pullback in an uptrend. When the bars are magenta and below the centerline, the trend is down. Blue bars below the centerline indicate a pullback in a downtrend.
The TT3 Cycle Turning Point Indicator displays the timing patterns of pivot highs and lows in the form of green downward-pointing chevrons above the timing line for a pivot high and red upward-pointing chevrons below the timing line for a pivot low. This tool initially plots a half-size tentative turning point chevron when it suspects the presence of a swing high or low. This tentative plot may move as new pivot highs or lows are achieved, negating the previous tentative plot.
The Arps Flag Pattern tools highlight bull and bear flag patterns that will help you to find potentially profitable breakouts from trend pullback formations. User inputs allow you to control the characteristics of the type of flag you want to identify.