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Indicator usage algorithm

This indicator can be used as a method of trend detection, for further independent search of trades in the direction of this trend, or for direct opening of trades using the logic offered by the indicator.
  1. 1.
    Select a timeframe on the chart to enter the market.
  2. 2.
    Wait for a signal candlestick to follow the trend.
  1. 3.
    Then place a limit order on the line marked by the indicator itself. Set a stop loss below or above (in case of a short trade) the previous candlestick before the signal one, and a take profit at the high/low of the higher timeframe or depending on the risk management strategy.

Additional recommendations

  1. 1.
    Since a trend is a phase in which the market is only 30% up, you need to understand one simple thing: if you catch a trend within the timeframe you are trading, even if it is not on the first try (as is often the case), you should not do it again on this instrument. Wait for the next trading session or look for entry points on another instrument.
  2. 2.
    When you see a long range on the market, you can also use the SnipeTrend indicator, but to follow a local trend with limited potential within this range.
  3. 3.
    If you have a good understanding of the market context, you are advised to leave part of your position for the case when the local trend develops into a trend of a higher TF.
  4. 4.
    If the signal candlestick is quite volatile and has a large spread, it is acceptable to place a limit order at the level of 50% of this zone.
  5. 5.
    Opening a position with a market order when a signal candlestick appears is not part of the strategy logic, as it increases the commission and limits the trading potential. However, if you understand the market context, such an entry using a market order can be implemented.

Examples of trades