IDNR4 and 7 28 Pairs Radar MT5

IDNR4 and 7 28 Pairs Radar MT5

This indicator detects IDRN4 and IDNR7 two powerful patterns on 28 pairs on new daily bar.

IDNR4 is the acronym for "Inside Day Narrow Range 4" where "Inside Day" is a lower high and higher low than the previous bar and "Narrow Range 4" is a bar with the narrowest range out of the last 4 bars so "Narrow Range 7" out of the last 7 bars.

Hence, ID/NR4 and better ID/NR7 are an objective criterion for identifying days of decreased range and volatility.

Once we find an ID/NR4 or an ID/NR7 pattern, we aim to trade the breakout as volatility resumes.

Rules for long

1. An inside bar with the smallest range out of the last 4 or 7 bars.
2. Place buy stop order above the high of the bar.
3. Wait for a breakout to trigger order.

Rules for short

1. An inside bar with the smallest range out of the last 4 or 7 bars.
2. Place sell stop order below the low of the bar.
3. Wait for a breakout to trigger order.

Parameters settings

• Pairs_Suffix: Pairs suffix as "micro" or "-ECN" etc
• Alert_Notification: Alert when IDNR4 or IDNR7 is detected on one or multiple pairs.
• Push_Notification: Push notification on mobile device when IDNR4 or IDNR7 is detected on one or multiple pairs.