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Introduction
Signal Dynamics Pro stands out as one of Market Spotters’ most favored indicators, thanks to its comprehensive design and dynamic features, making it the ultimate toolkit.
The Signal Dynamics Pro toolkit is well-suited for traders at any proficiency level, offering a range of signal options and dynamic features that can be utilized in any market. Its unique feature lies in determining trading ranges, providing signals, trend confirmation, dynamic support and resistance. This combination provides valuable insights for recognizing and confirming trends, dynamic support and resistance, establishing automatic trendlines, alerts and providing signals.
Key Characteristics
The Signal Dynamics Pro toolkit offers diverse settings that can alter its performance and appearance. These settings are typically tailored to the specific features they impact. We demonstrate how easy it is to navigate and utilize in the below sections:
Signals
Real-time signal generation is managed through the utilization of Average True Range (referred to as “ATR”) Period and Multiplier. These parameters are instrumental in determining the following:
Green Triangle indicating the entry point for a long position
Red Triangle indicating the entry point for a short position
Users have the option to choose “Use Conservative Signals,” which automates the ATR Period and Multiplier. Customization of ATR Period and Multiplier values is also available to enhance diversification.
Channel Settings
The channel is established based on the mean reversion theory, involving the calculation of the mean average and standard deviation of price data over a specified timeframe. Comprising the lower band (green) and the upper band (red), the channel serves to offer dynamic levels of support and resistance. Additionally, the depth of the channel helps assess whether the market is overbought or oversold, leading to potential reversal points in price.
The bands serve the following purposes:
– Lower Band (Green): Interactions with the lower band can signify pivotal moments in the market. If prices enter the lighter section of the band, it may indicate oversold conditions.
– Upper Band (Red): Interactions with the upper band can denote crucial points in the market. Entry into the lighter part of the band may suggest overbought conditions.
– The midline is positioned between the Upper Band (Red) and the Lower Band (Green). When the price resides above the midline during an ascending trend, it appears green. Conversely, if the price falls below the midline during a descending trend, it displays as red. Users have the option to hide the midline by checking the ‘Show Midline’ box in the channel settings.
It is essential to recognize that in exceptionally strong trending markets and periods of high volatility, prices may trade outside the channel.
Users can customize the channel settings by modifying attributes such as length and colors associated with the channel.
TrendLines
The trendlines are calculated on a period of pivot high and pivot lows, assists in recognizing trend direction of the market, identifying price reversals and continuations and trend confirmation.
Users have the ability to customize the trendlines in the following way:
- Adjust the calculation of the pivot high/low length;
- Adjust the colour;
- Apply outward trendlines; and
- Extend trendlines indefinitely.
Trend Band
The trend band is a calculation of Moving Averages that assist with additional trend direction, confirmation and potential reversal points.
Alerts
Users have the option to set up a single alert that includes many different conditions by selecting the any alert() function call alert condition. The desired conditions selected by the user for their alerts are categorized based on entry and exit signals.
Turbo Trend