AA Indicator – Alligator Indicator in a New Way
Many traders in their trades try to use classic indicators of technical analysis in small timeframes. In this article, we'll talk about Alligator, but not in the way that everyone knows it. It will be an AA arrow indicator, which is a custom version of the well-known Alligator.
AA indicator — trading rules:
- Trading hours: any;
- Assets: Any (preferably volatile ;)
- Term: M5 and above;
- Expiration: 3 – 20 candles depending on settings.
The default Alligator indicator has settings set to 13,8,5. Everything is the same in the AA indicator.
But in addition, it has a lower window in the form of an oscillator with levels, in which the vertical columns are red and green.
By default, levels are set to 20, they can be set much higher than 20. When vertical bars reach this level, an arrow appears on the main chart. By the way, the arrow does not redraw its signs.
For less dynamic trading, I advise you to set levels of 100 and above. This is done in the properties of the AA indicator at the Level1 and Level2 values:
After changing the levels in the input parameters, you will need to go to the levels tab and enter the same value in the levels:
The interpretation of signs opening positions is simple, the green arrow points to an up position, the red arrow to a down position.
Of course, you should not use the AA indicator alone, and here you will need additional indicators to filter the signals.
Here, oscillators are perfect, which will indicate overbought or oversold. Together, signals from several indicators can already be considered as an entry into a position.
AA indicator — examples
There will be 2 bookmarks in the file. One of them is off alert, the second is on alert. The principle of operation is the same for them, but visually they are slightly different.
In AA indicator with alert, the levels in the lower window and the values in the side chart will not be visible visually, they do not correspond to the real value of the levels. But other than that, everything works exactly the same as in the AA indicator without alert.
Try to see how a specific pair appears in the history with the AA indicator and set your level for it.
For example, there will be currency pairs where a level of 70 will suffice and there will be those where a level of 300 will need to be applied. Change these values as there are no universal standards in the market.
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