Our turning point detector consists of abnormal movement detection system (main) and market range detector (supplementary). Abnormal movement detection have following user inputs:
- TimeFrameCalculation: Timeframe to perform abnormal movement detection.
- BarsToScan: number of bars to apply the calculation
- DetectionMethod: There are three detection methods you can choose.
- AnalyzingPeriod: 13 is the default settings. Most of time, default setting works fine.
- MinDeviationInPips (=Minimum Deviation in Pips): this is the minimum condition to be qualified for abnormal condition. Typically, it is good to use one standard deviation of that currency pairs.
To detect market range, you can use Market Profile or Bollinger Bands or something else if you wish, the market profile have the following user inputs:
- Use Market Profile: true or false only. Set false, not to use Market Profile
- Session: daily, weekly or monthly only
- Sessions To Count: Number of sessions for which to count the Market Profile
Bollinger bands are one of the standard technical indicator for free of charge.
To construct the Market Profile, user should select timeframe accordingly:
- Daily Market Profile: M5 to H1 timeframe can be used. M30 is recommended.
- Weekly Market Profile: M30 to H4 timeframe can be used. H1 is recommended.
- Monthly Market Profile: H1 to D1 timeframe can be used. H4 is recommended.
There are also some other inputs:
- UseWhiteChart: true of false to set white background or use default black background chart
- UseSoundAlert: Use sound alert
- UseEmailAlert: Use email alert
- UseNotification: Use Push Notification
- BullishColor: Bullish Colour
- BearishColor: Bearish Colour
- LabelOffsetInPercent: timeframe label (i.e. H1, H4, D1, etc) offset in percentage of chart height
- ArrowWidth: directional arrow width
- LineWidth: Width of line for abnormal movement marker (Set to 0, disable the marker)
- DrawRectangle: Draw rectangle to market abnormal movement
- FillRectangle: Fill Rectangle (true or false only)