The Discipline indicator is a universal technical oscillator, the markup of which can be used in both trend and flat strategies. Suitable for any currency pair and can be used on any timeframe.
This trading instrument consists of two parts:
On the main chart, the EA marks the entry/exit points of the position with arrows and crosses;
The basic histogram is marked in a separate window.
The Discipline tool has the following parameter settings:
Period - calculation period (the higher it is, the more reliable the trends and less frequent signals);
Price - the type of the settlement price (0 is (High + Low) / 2, 1 - Open, 2 - Close, etc.);
Mode_Fast - visual setting responsible for removing old signals;
Signals - a switch with which you can turn on / off arrows.
The search algorithm for signals of the Discipline indicator is slightly different from similar oscillators. The fact is that similar indicators usually recognize trends at the moment the histogram crosses the zero level, and this tool relies on pullbacks.
In particular, an up arrow appears when two conditions are met:
The histogram is green and is above 1.2;
The new bar of the indicator closed below the previous one (a rollback was formed).
The Discipline indicator recognizes SELL signals according to the opposite principle, i.e., for their appearance, the following rules must be observed:
The red histogram is below -1.2;
The next oscillator bar closed above the previous one.
Yellow crosses that appear on the asset's chart in this indicator mean a possible exit from the position.
This technical indicator is a good alternative to such indicators as CCI and Stochastic. But it should be understood that the quality of the signals of this indicator directly depends on the trading asset on which it is used and the parameter settings used in this case. We recommend using it as a primary or secondary filter along with other mt4 technical tools.
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.