Shooter AM

The indicator features the complex calculation algorithm that takes into account the closing price in relation to the range of maximum and minimum prices for a certain period, as well as market volatility. The algorithm allows identifying market entry points, at which existing conditions allow a high probability of a significant price movement sufficient for a good trade.

Since the indicator properties are close to oscillators, I recommend using it together with a trend indicator.

The indicator has only one adjustable parameter, which determines its sensitivity.

The indicator signals are activated after the bar is fully formed. The indicator is non-repainting.

Adjustable parameters:

• RISK - indicator sensitivity.

Usage:

• When a buy signal appears (blue cross below the last bar Low), a pending buy stop order is placed one point above the bar High (plus spread);
• When a sell signal appears (red cross above the last bar High), a sell stop order is placed one point below the bar Low;
• Indicator signal values are balanced for setting protective stop orders.