The Impulse-Orders strategy detects impulse up and down movements on the price chart by checking for specific candle patterns relative to Fibonacci retracement levels.
Impulse-Orders tracks impulse starts and ends, confirming when the move reaches a user-defined percentage of the starting price. Upon fulfillment, it enters long or short positions with alert messages detailing the order type, min, and max prices. The strategy uses dynamic Fibonacci calculations and signals entries on the chart via plot arrows. It supports high pyramiding and percent equity sizing without a default stop loss.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
Fibo
float
0.5
Fibo
Percent
float
2.0
Percent
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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