Extreme Spike MTF Indicator for MetaTrader 4 Download - Free - [TFlab]

The Extreme Spike MTF indicator in MetaTrader 4 simultaneously analyzes multiple timeframes to identify sharp price fluctuations on the charts.

This indicator highlights Major Spikes: excessive bearish fluctuations with red and excessive bullish fluctuations with blue.

It is ideal for traders seeking suitable entry and exit points in the market.

Indicator Table

Indicator in a Bullish Trend

When the price is consistently decreasing, the Extreme Spike MTF Indicator highlights negative spikes or sudden lows, confirming the bearish movement.

These negative spikes signify reduced selling pressure and indicate the end of increasing market demand.

Such conditions can signal the potential for price rebounds and upward movements. Traders observing negative spikes and other confirmation signals can identify optimal buying opportunities.

Indicator in a Bearish Trend

When the price is consistently rising, the Extreme Spike MTF Indicator highlights positive spikes or sudden peaks, helping traders recognize potential trend reversals towards bearish movements.

These positive spikes represent reduced buying pressure in the market. As prices stabilize at higher levels, the likelihood of a bearish trend increases.

Traders can use positive spikes with other confirmation signals to identify selling opportunities.

Indicator Settings

• Chart Theme: Background theme of the indicator;
• Timeframe: Selected timeframe, default is 0;
• Repaint Off: Setting to disable repainting;
• Major Extreme ATR Factor: Length of the major spike candlestick as a multiple of the minor spike; default is 2;
• Major Minor Ratio: Ratio of the minor spike to the major spike candlestick; default is 2;
• Minor Extreme Width: Calculated the width of the candlestick for minor spikes; the default is 2;
• Major Extreme Width: Calculated the width of the candlestick for major spikes; the default is 2;
• Major Low Alert: Enable alerts for detecting major spikes at lows;
• Major High Alert: Enable alerts for detecting major spikes at highs;
• Minor Low Alert: Enable alerts for detecting minor spikes at lows;
• Minor High Alert: Enable alerts for detecting minor spikes at highs;
• Stable Alert Alert for stable spike candlesticks.

Conclusion

The Extreme Spike MTF Indicator is a practical tool for identifying and analyzing bullish and bearish trends. Leveraging major and minor spikes provides a comprehensive view of market changes.

This tool helps traders determine entry and exit points more effectively based on price fluctuations.