TTF Osc AM

This indicator is based on the idea of a popular Trend Trigger Factor indicator. The indicator determines a price movement direction comparing high and low of the current candle with high and low of a price for a longer period.

Parameters:

• longTTFbars - number of candles to calculate the price movement direction for a longer period of time (cannot be less than 2)
• shortTTFbars - number of candles to calculate the price movement direction for a shorter period of time (cannot be less than 2)
• indBarsCount - this parameter affects only the display of the indicator and determines a number of candles where the indicator is displayed (if 0, the indicator is displayed on all candles of the chart)

If set by default, the indicator generates following signals:

• The histogram is colored in Lime - the indicator confirms consistent growth of highs and lows of the price. There are good reasons to place Buy Stop orders on high of the first candle having such color.
• The histogram is colored in Green - the indicator confirms consistent growth of highs and lows of the price. At the same time, the indicator shows weakness of such growth. If you have an open Buy position, it makes sense to place Stop Loss pending order on low of the first candle having such color.
• The histogram is colored in Red - the indicator confirms consistent fall of highs and lows of the price. There are good reasons to place Sell Stop orders on low of the first candle having such color.
• The histogram is colored in Brown - the indicator confirms consistent fall of highs and lows of the price. At the same time, the indicator shows weakness of such fall. If you have an open Sell position, it makes sense to place Stop Loss pending order on high of the first candle having such color.

The indicator does not redraw.