This indicator was posted on MQL4 code base. It seems to give pretty good signals except a few false ones. Certainly I have no idea how it works but It is working for me.
I am attaching a screen shot as well as the indicator.
My request to you is to build an ea based on this indicator with following criterias.
Time frame: Dosent matter (15 min recommended)
Use on pairs with spread less than 6.
If possible can have money management features or an option to choose how many lots to be traded.
Entry criteria: enter as soon as the arrow forms and in the respective direction of arrow.
Fixed take profit of 10 pips ( if possible keep an option of setting take profit )
Trade will stop if the opposite signal appear before TP is hit and a new trade will open in opposite direction.
SL at the highest price in last 5 bars ( for short entry) and at lowest price in last 5 bars (for long entry).
I certainly do not have a detailed statement as I am trying many methods. But the screenshot should give you an idea how good are the signals.
Please let me know if this is a feasble idea.
Thanks a lot.