Diamond Price Action is an indicator whose signals reach 80-90% accuracy and are not repainted or late. Signals appear at the opening of a new candle and calculate 3 levels of targets, which greatly facilitates trading.
Characteristics of the Diamond Price Action
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Platform: Metatrader4
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Currency pairs: All Pairs, Indexes, Stocks and Metals
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Trading Time: Around the clock
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Timeframe: All Timeframes, recommended scalping M5, M15 and 1H Timeframes
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Recommended broker: InstaForex, XM, RoboForex
How it works and rules of trade
As I understand from the description of the principle of the indicator – it finds the 6 best Price Action Patterns (Rising Star, Fallen Star, Light in Clouds, Dark Veil, Three White Soldiers, Three Black Crows). When these patterns are found, the indicator gives Buy or Sell signal. At the same time, the indicator calculates the 3 most relevant profit targets and gives an sound signal.
When trading the Diamond Price Action indicator, you only need to follow the signals, open a position and set your Take Profit at one of the specified levels. I recommend – Minimum or Medium Profit. Maximum Profit – for more risky and aggressive trading. You can also use Trailing Stop.
Stop Loss should be set based on the formula:
Stop Loss = Medium Profit
Of the indicator settings, only changes in the visualization of some elements (color, size), the assignment of level sizes for Profit Targets, and the on / off alerts are available (Pop Up Alert, Mail and Mobile Notification):
A bonus supplement to this indicator is the Eliott + Fibo indicator, which is a combination of Elliot Waves and Fibonacci Levels. Perhaps some of you will find it useful in trading. This indicator is essentially a ready-made trading system. How to use it you will find a quick guide in the archive. Just an extra nice bonus:
Of course, Diamond Price Action Buy Sell Signals Indicator deserves your attention, but do not rush to use it in real trading without training on a demo account. Additional filters will not be superfluous either.
In the archive Diamond_Price_Action_and_bonus.rar (271.0 kB):
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Diamond_Price_Action_Signals Indicator.ex4
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Eliott+fibo indicator.ex4
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Elliott waves and fibbonacci levels instruction.txt
