The Owl Good Ranges Indicator is predicated on the buying and selling system Owl – Good Ranges. This buying and selling system makes use of information of two indicators, Full Fractals and Valable ZigZag, that are included into the Owl Good Ranges Indicator within the modified kind in comparison with their classical model.
The Owl Good Ranges Indicator is a full-fledged indicator and it contains all of the plots primarily based on the buying and selling system with the identical identify. The indicator plots ranges for opening an order on the chart as quickly as a gap sign seems and on the identical second it sends a notification to the dealer in regards to the look of a brand new sign. That is why Owl Good Ranges could be very straightforward to make use of. Solely the mandatory plottings are proven:
the fundamental ranges, in relation to which the worth of order opening worth, StopLoss and TakeProfit indexes are calculated, are plotted utilizing the Full Fractals Indicator. Hint ranges on the display screen are auxiliary, so you may disable their show within the settings relying in your preferences; the Valable ZigZag Indicator determines the buying and selling path for the instrument. If the acute ZigZag is directed upwards, it implies that the development for the time being is ascending, and solely purchase trades are allowed. If ZigZag is directed downwards, offers are solely allowed to promote on a downtrend; the road units the extent of putting the order Purchase Restrict or Promote Restrict; the road units the StopLoss stage for the order; the road units the TakeProfit stage for the order; the data panel could be enabled or disabled within the indicator settings for comfort.
Handy data panel
The buying and selling system Owl Good Ranges is predicated on the Triple Display technique which is advisable in buying and selling by the well-known dealer Alexander Elder. The precept of triple display screen consists in simultaneous remark of charts of various durations. Specifically, defining the buying and selling path – on the upper timeframe, whereas coming into a commerce – on the decrease one. For consumer comfort the data panel shows information of the Valable ZigZag Indicator:
the development path on the primary (intermediate) timeframe; the development path on the upper timeframe; the development path on the second larger timeframe; sign indicators: crimson – no sign, yellow – there’s a sign for putting Purchase Restrict or Promote Restrict orders, inexperienced – you may enter the market on the present worth; time earlier than the present candle shut; the colour of the development reversal ranges on larger timeframes.
Really useful settings and instruments
On account of using elementary indicators the buying and selling system Owl works equally effectively in all markets. You possibly can commerce on Foreign exchange, Indexes, Shares, Futures, Commodity, Crypto by barely adjusting the indicator settings.
There are 5 fundamental settings within the Owl Good Ranges Indicator:
Candles on the left – the variety of candle to the left of the sign candle, the Excessive of which ought to be decrease than the Excessive of the sign candle to construct a fractal Up; Candles on the precise – the variety of candle to the precise of the sign candle, the Excessive of which should be decrease than the Excessive of the sign candle to construct a fractal Up; Expiration sign – the variety of candle throughout which the sign is lively; Open worth stage – Fibonacci stage for putting a pending order for Purchase Restrict or Promote Restrict; TakeProfit stage – Fibonacci stage for putting a TakeProfit order.
Desk of advisable settings for every market
Relying on buying and selling exercise there are advisable settings for the triple display screen system:
Circumstances for putting orders
A Purchase Restrict order ought to be positioned when the next situations are matched:
the Valable ZigZag Indicator on all three timeframes exhibits upward path (arrows within the data panel present upward path); there’s a new UP fractal (the dotted line on prime of the candle); IGNORE the sign if the colour of the dotted line is blue (the brand new UP stage is decrease than the earlier one); there’s no less than one DOWN fractal on the precise aspect of the chart (dotted line on the backside of the candle) earlier than the swing level of the Valable ZigZag Indicator.
If these situations coincide, the Owl Good Ranges Indicator plots on the chart the degrees for putting a Purchase Restrict order (OpenPrice – white stage, StopLoss – crimson stage, TakeProfit – inexperienced stage).
Promote Restrict order ought to be positioned when the next situations are matched:
the Valable ZigZag Indicator on all three timeframes exhibits a downward path (the arrows within the data panel present the downward path); there’s a new DOWN fractal (the dotted line on the backside of the candle); IGNOR the sign if the colour of the dotted line is blue (the brand new stage DOWN larger than the earlier one); there’s no less than one UP fractal on the chart on the precise (the dotted line on the prime of the candle) earlier than the swing level of the Valable ZigZag Indicator.
If these situations coincide, the Owl Good Ranges Indicator plots on the chart the degrees for putting a Promote Restrict order (OpenPrice – white stage, StopLoss – crimson stage, TakeProfit – inexperienced stage).
All pending orders ought to be deleted in the event that they haven’t been triggered inside 24 candle from the sign one (Expiration Bar). If the worth has reached the TakeProfit stage with out catching the pending order, this order ought to be deleted.
Further filters:
a brand new commerce shouldn’t be opened if there’s already one place out there for the present image; start buying and selling at 8:00 GMT on Monday; alerts obtained earlier than 8:00 on Monday morning ought to be ignored; end buying and selling at 16:00 GMT on Friday; the alerts obtained after 16:00 ought to be ignored; ignore alerts obtained through the first 10 candle after the commerce was closed.
Closing a place and deleting a pending order
Open positions ought to be closed earlier within the following instances:
if no less than as soon as the Valable ZigZag Indicator has modified its path (one of many arrows on the data panel started to point out the other way); on Friday, at 16:00 GMT, it is strongly recommended to shut all positions on the present worth; if new ranges seem on the chart it’s essential to delete the pending order and set a brand new one based on the brand new ranges.
Suggestion
When the Fibonacci stage reaches 100% (Sign Fractal stage) you may transfer your place to Breakeven (transfer the StopLoss stage to the order opening stage +1 level to compensate of the dealer’s fee).
Capital administration
The buying and selling system has a really excessive profitability issue (TakeProfit / StopLoss = 3.24), so even making 30% of worthwhile trades you’ll keep within the revenue.
The order quantity ought to be calculated in such a manner that the utmost loss doesn’t exceed 1.5% of your deposit.
If there’s a loss on the present buying and selling instrument then the chance of the subsequent order ought to be elevated by 0.25%.
As soon as a commerce has been closed with a revenue, the subsequent commerce ought to be opened with an preliminary threat of 1.5%. For those who obtain a big collection of shedding trades you shouldn’t exceed the chance per one commerce of three%.
If a commerce was closed as breakeven, the subsequent commerce ought to be opened with the identical threat because the earlier one.
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