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Forex Indicator “Attention Level”

On the graphic there is an indicator with an attention level. To calculate this level, take a 10-day ATR value indicator on a daily interval. If the previous day symbol was growing then subtract the ATR value from its maximum price. If it was dropping, then supplement the ATR value to its minimum price and draw a horizontal level trough one of the values.

If at the uptrend a price drops below the attention level, it is better to stop all the trading.

Tips:

If you predicted a downtrend and the price went by the attention level in the inverse direction, stop trading, review your plan and abstain from selling.

If you predicted an uptrend and the price went by the attention level in the inverse direction, stop trading, review your trading plan, and better abstain from further buying.

Settings of the Indicator:

ATR_maPeriod – average period of ATR indicator (10 days on default).

LevelStyle – style of the level line (solid on default).

LevelColor – color of the level line (red on default).

LEvelWidth – thickness of the level line (1 on default).

 

Trading spot currencies involves substantial risk and there is always the potential for loss. Your trading results may vary. 

 

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