I just made an indicator, which is basically the strategy that had been uploaded here so many times, and still people re-upload it.
So I decided to develop indicator around that strat, so I can help people that are still concerned about this idea.
I saw reteid tried and developed indi, but eventually she wrote that it's not worth.
Me - I don't know is it really worth something, I just want to help people. So I upload this indicator, open source code, free - so other programmers can make use of it (however I think that my code is pile of shit and needs to be burnt by a flamethrower , but it does the job!)
1. Download both indicators, copy to your Indicator folder
2. Refresh the list of indicators at your mt4 terminal
3. Drag and drop the "Break Arrow v2.0" indicator to your chart screen
4. You don't need to drag "ZigZag MOD v3" - it just used to calculate
How does it work?
It's actually a piece of shit, but it works (I'm referrng to my indicator, not the whole idea).
Based on the guidelines of the book, which is still circulating at BOE (gotta give the author credit for this idea anyway):
Ken Alison's "Price Action Short Break Method BinaryTriumph Strategy"
This indicator uses the swing values, the swing values are sourced from zigzag indicator - I know it's out of the original rules.
It searches for twizzers (or some set-up which I understood as "twizzers"), but the indicator can use normal engulf patterns (see the "Pattern Mode" parameter), in which the number of set-up drastically increase, but not the ITM ratio.
Once it found the set-up, it calculates if the range borders, it considers the ahead bars time (remember that book gave 8 candles forward and connect with last swing - "Bars forward offset" parameter sets this value)
It can also not consider if the price crosses the line so early - you can give your own number of bars untill which the arrow won't appear - "Bars allowed from" parameter
Note! It does not consider the bars count to previous swing, remember that the book said about maximum 15 candlesticks back ?
So note that it does not consider or filter out any set-ups, in which the previous swing was so far behind (like 50 candlesticks before)
Message to programmers
As you might see my code - it's pretty crapy.
1. Do you know how to better identify swing other than using zigzag indicator.
2. Or, do you have zigzag indicator which is developped more clear, because I had hard time understanding the code and didn't end-up embedding this code to my indicator, instead I just iCustomed it.
Message to all
1. Don't use the ITM calculator - it calculates wrong, you can simply tell it by going to Montly timeframe and count yourself the arrows and compare the actual ITMs with that panel
2. If it draws weird lines just change timeframe and change it your desired timefram - so it refreshes itself.
3. There's a filter option, which is disabled by default, what it does is filters arrows based on ADX indicator. If ADX is strong enough it will allow arrows.
4. I haven't tested the alerter