The described algorithm was created on the basis of a time-tested instrument – the Chaikin Oscillator and is able to quite effectively determine the direction of the trend. Its signals are displayed in the window of the described algorithm in the form of a curve and multidirectional arrows. These signals are extremely simple and intuitive, which allows them to be effectively used by all novice speculators.
The CHO Color N Bars Extremum indicator is quite versatile since the signals it generates maintain an acceptable level of accuracy on almost any time intervals and currency pairs.
To download the CHO Color N Bars Extremum indicator, use the link that you can see below.
CHO Color N Bars Extremum indicator. Optimization
The installation procedure for the considered algorithm is elementary. You do not need any special skills or experience to complete this task. After starting the described algorithm, you will be able to see a window with its parameters.
The considered algorithm has the following parameters:
- “CHO: Fast-period”. This parameter is responsible for the period of the fast curve, which is part of the considered algorithm.
- “CHO: Slow-period”. This parameter is responsible for the period of the slow curve, which is part of the described algorithm.
- “CHO-smoothing-type”. In this field you can select the type of curves that will be used by the described algorithm.
- “CHO-type-of-volume”. This parameter is responsible for the type of volumes that the considered algorithm will use in the process of performing all the necessary calculations.
- “CHO-trend-N-bars”. In this field, you must specify the number of bars that the described algorithm will use to detect trend reversals.
Also, in the parameters of the described algorithm, you can customize the appearance of the arrows that will be displayed in the window of the described algorithm. The optimization process can be handled not only by an experienced speculator, but also by a beginner who is just getting acquainted with the foreign exchange market.
It is quite simple to use the described algorithm to make money on the foreign exchange market. You need to transfer the considered algorithm to the chart of the selected asset and optimize it. Then you just need to wait for the next signal to appear and create a position in the desired direction.
When an upward-directed arrow appears, you should wait until the curve of the described algorithm changes its shade and create a buy position. This trade must be closed after the curve changes to gray again.
After a red arrow appears in the window of the described algorithm, you need to wait until the curve changes its shade to red and then create a sell position. This trade must be created after the curve changes to gray again.
To improve the efficiency of the trading process, it is recommended to combine the described algorithm with additional tools. To learn how to correctly optimize and apply the algorithm in question, use a demo account. Only after gaining the necessary experience can you start trading with real money.