Worth Ray indicator is a utility that can improve the best way you commerce. Primarily, it exhibits the Bid, Ask or Final value as a line ray which beams until the present candle, final seen chart candle or prolonged to all candle bars. The improved options on this indicator present info in an space the place you focus most, proper subsequent to the present candle. You’ll be able to choose textual content to be proven above or beneath the Worth ray. The indicator is absolutely customizable, permitting it to suit any technique necessities.
This doc particulars the functionalities and can also be a information on tips on how to configure the indicator.
The next are the customizable indicator settings
|You’ll be able to briefly disable the indicator reasonably than deleting it.
|You’ll be able to select the Bid, Ask or Final value for the Worth Ray.
The indicator permits the show of the next textual content above or beneath the worth ray. Under are the choices:
- Bid, Ask or Final Worth.
- Present unfold.
- The vary and the physique dimension for an outlined timeframe candle in pips/factors -> the vary as HL (Excessive-Low) and the physique dimension as OC (Open-Shut).
- The Candle Timer: a per second replace of the time left for candle shut (chosen timeframe).
The customizable parameters associated to the “Textual content Settings” are:
|You’ll be able to choose the Textual content to be proven above and beneath the Worth Ray
The indicator permits customisation of Line (extension, fashion, width and color), Dot (enabled or not, dot dimension, shifting the dot and line ray to the left) and the Textual content (font, dimension and color). You’ll be able to select whether or not the color of Worth Ray is fixed, or it adjustments primarily based on development. Additionally, you possibly can choose the bullish or bearish color for the development.
Under explains on how one can configure the “Line Ray Settings” and “Font Settings”
|The Line ray beams until the present candle, final seen bar or the utmost candles (all bars) on the left of the display.
|The indicator lets you resolve on the styling of the Line ray as a stable line or others offered as a listing. Additionally, you possibly can select the thickness and the color of the road (See “Pattern Settings” to vary the color as per development).
|You might select whether or not you need the dot to be displayed. You’ll be able to configure its dimension and likewise shift the ray dot as required.
You’ll be able to select the Font and color of the textual content proven above and beneath the Worth Ray.
The perfect option to decide a development is to have a look at the chart with development strains drawn on the highs and lows. Added to this, the technique could embody, to find out whether or not the present value is above or decrease to opening value for the next timeframe. Worth Ray indicator adjustments the road ray color primarily based on bullish or bearish candle physique of a specific timeframe. I commerce on an H1 interval and preserve the development timeframe for M30. It really works with my technique.
The next are customizable parameters associated to the “Pattern Settings”
|You might resolve if color of the worth ray will change relying on the bullish or bearish physique color of the chosen timeframe. If “false”, the indicator will use a continuing color as outlined within the “Line Ray Settings”.
|You’ll be able to select the timeframe for the development candle from the checklist. If “present”, the indicator considers the chart timeframe.
|You’ll be able to choose the bullish and bearish color for use by the indicator.
A Technique: As an illustration, I’ve tried to elucidate a method to commerce primarily based on the physique color of the candle for the upper timeframe. I’ve taken a dwell case state of affairs taken on 22 Jan 2022 (weekend), in my rationalization.
In Determine 1, for an H4 chart – EURUSD, I’ve highlighted the latest candles being mentioned (candle 0 – present and candle 1 – earlier).
The R1 (Pivot Ranges) resistance was robust in stopping the bullish development and a reversal candle shaped within the H4 timeframe (candle – 1).
The H1 chart in Determine 2 for EURUSD, the H4 bar highlighted as hourly candles, exhibits that the bears have taken management and promoting strain is prevailing.
If you’re buying and selling on a quarter-hour chart, the development seems complicated as bulls and bears are pushing the worth up and down, as proven in Determine 3.
As a scalper, buying and selling the quarter-hour interval, chances are you’ll both resolve to remain out of the market or have a method to commerce as per the upper timeframe and solely take promote positions. The physique color of Worth Ray for the next – H4 timeframe denotes a bearish development, serving to you have got some worthwhile trades.
Determine 4 exhibits that the bearish development continued the subsequent week (actually, the bearish development continued until finish of the month reaching 1.1120).
The indicator additionally shows vary (HL – Excessive-Low) and physique dimension (OC – Open-Shut) as pips/factors for any timeframe candle. It exhibits the power or weak spot of the foreign money pair (e.g. EURUSD) being traded.
I’ve included a complete Candle Timer with Worth Ray. Candle timer shows remaining seconds to the shut of a timeframe candle, both above or beneath a Worth Ray. It triggers a notification alert no matter the choice of candle timer as a textual content.
Notification Sound Toggle Button: I’ve included a button to allow or disable the notification sound. You might resolve to disable the sound alert briefly. It is usually helpful when the indicator is being utilized in a number of charts.
Under are the “Candle Timer Settings” to be configured as required.
|You’ll be able to select to have a notification alert for a present chart interval or for any timeframe.
The indicator broadcasts an alert at specified seconds earlier than shut of the present candle. You’ll be able to choose the alert as a pop-up or a hen chirping sound. The default choice (notification sound) is the setting for the Notification Sound Toggle button. I’ve offered some hen sounds to pick out from a listing. The checklist features a Canary, Cardinal, Meadowlark, Owl and Rooster.
|You’ll be able to select the situation of the Notification Sound Toggle button within the chart window. “Window 0” is the default chart window. As you add different indicators to be proven on separate home windows (for e.g. RSI, Stochastic, and so forth.), the platform will present it on “Window 1” and onwards.
You’ll be able to choose the button to be displayed on any of the 4 chart corners and likewise regulate the situation by specifying pixels to shift on the x and y axis.
- You need to use the indicator on any chart (Foreign exchange, Indices, Shares, Commodities, Cryptos).
- The show of “Final Worth” is determined by the supply of value feed (knowledge) from the server.
- The indicator adjustments the Chart Properties (Perform key – F8: Frequent tab) for enabling and disabling the default chosen Worth to be proven because the Line ray. You’ll be able to change it when wanted.
- The indicator will present any errors within the “Journal” and “Consultants” tabs within the terminal/toolbox (Ctrl+T) window. Please test in case you encounter any errors.
Disclaimer: Previous efficiency could not present future outcomes. You can’t maintain me liable for use of the indicator or for any info offered on this doc.