AdministratorApril 8, 2021 at 04:18
The EFC indicator can be customized according to your preferred settings. The indicator works the same way on each time range (M1-MN). It is recommended that you stick to one time range when making indicator-triggered trades. An input line is formed when the RSI reaches a critical level and the candle turns orange (default color). Then, when the price behavior diverges, an RSI dark blue candle (default color) will be formed.
When a buy trade is triggered, the remaining candles will turn green until a set stop loss or take profit is reached. When a sell trade is triggered, the remaining candles will turn red until a set stop loss or profit is reached. You will also see a green arrow pointing up (for buying) or a red arrow pointing down (for selling). The Take Profit and Stop Loss levels are automatically set to a 1 risk to 3 reward ratio. Input: Scan Range, Bars: Since the indicator works in real-time mode and helps to analyze the current situation, some history is needed to find the RSI pattern. Usually, a range of about 50-100 bars is enough to detect trading patterns.
Period: the period of the standard RSI indicator used for pattern recognition. Applied
Applied Price: The price of the applied RSI indicator.
Overbought/Oversold Levels: By default, a value of 80/20 is used to detect when the market reaches a reversal point. You can tighten the conditions if you think the market needs it, and vice versa to lighten them.
Stop Loss/ Take Profit settings.
Stop Loss Margin, pips: The Stop Loss level is calculated by using the lowest colored candle in the pattern (for Buy trades) or the highest colored candle (for Sell trades). By default, it is placed at the high/low value. But you can adjust it by using this parameter to move SL closer or closer.
Risk: Reward (1:X): Take profit is automatically calculated based on the stop loss distance and this ratio. Suppose, if your risk:reward ratio is 1:3 and your stop loss is 100 pips, the take profit is 100 * 3 = 300 pips. Changing this parameter allows you to change how much profit you will get for each trade.
Withdrawal method: After a trade signal is generated, the EFC indicator follows a hypothetical trade until a take profit/stop loss occurs or a new signal is generated. To visualize us in a trade, we can use several charting styles.
-Colored bars from low to high (red for short, green for long).
-Colored bars from open to close –
Bricks above/below the candles
Width of candle lines: by default, bars involving trades are drawn at the same width at the top of the chart bars/candles, but you can change their width if you wish.
Retracements / Buy Signals / Sell Signals / Stop Loss / Take Profit colors: The color of each drawing indicator can be adjusted to your preferred color.
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