This indicator shows bounce strength, essential for breakout or retracement positions in any time frame.
I used the width of the range as a measure to measure (like a classical oscillator). This version does not use the width of the range. It uses the deviation from the center line instead. And the center line is the moving average of the Tango Line.
//— Bar Spread
//— Not DownBar
//— Not UpBar
- Plus histogram — shows the bounce strength up from lows.
- Minus histogram — shows the bounce strength down from highs.
- Signal line — difference between plus/minus [ (plus – minus) * abs((plus-minus) / (plus+minus)) ].
- Blue box — uptrend strength (average of Signal line).
- Red box — downtrend strength (average of Signal line).
- Slow Line — average of Signal line (long span).
Chart window is Tango Line (version 1.1).
//— input parameters
input int InpRangePeriod=20; // Range Period
input int InpSlowing=3; // Slowing
input int InpAvgPeriod=14; // Avg Period
input bool InpUsingVolumeWeight=true; // Using TickVolume
input double InpReversalNoiseFilter=5; // Noise Filter
input color InpSigColor=DarkSlateBlue; // Signal Color
input color InpSlowColor=Navy; // Slow Color
MT4 Indicators – Download InstructionsBounce Strength Indicator 2.0 with Tango Line is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data. Bounce Strength Indicator 2.0 with Tango Line provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
How to install Bounce Strength Indicator 2.0 with Tango Line.mq4?
- Download Bounce Strength Indicator 2.0 with Tango Line.mq4
- Copy Bounce Strength Indicator 2.0 with Tango Line.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Bounce Strength Indicator 2.0 with Tango Line.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Bounce Strength Indicator 2.0 with Tango Line.mq4 is available on your Chart
How to remove Bounce Strength Indicator 2.0 with Tango Line.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete