Forex Kangroos and Shadows MT4 Indicator

Forex Kangroos and Shadows MT4 Indicator:

About the Forex Kangroos and Shadows MT4 Indicator

Kangaroo Tail and Big Shadow indicator
as described in Naked Forex book.

This indicator includes also checks for RSI and Bollinger bands to give a better hint if the printed Kangaroo is a strong one or not.

User can configure how many candles are there to be checked for the “room to the left” per default the setting is at 15.

The indicator sends out an alert to the user and prints out an arrow where the big shadow and kangaroo is formed.

Works on every time-frame, Forex pairs, stocks, whatever there is on MT4.

Possible to show historic Kangaroo Tails and big shadows

C1 to C10 are the previous candles from the Kangaroo and an indication if the kangaroo is larger (OK) or smaller (NOK) as the respective candle. e.g. C6 NOK means the sixth candle from the Kangaroo Tail is larger that the Kangroo candle

RSI indicator is depending on the threshold which can be set individually, default setting for sell is 32, and for buy 60. If the tail or shadow is below (sell) or above (buy) that threshold, OK is given

Bollinger indicator is checking if the tail is is lower (in case of buy) or higher (in case of sell) than the lower/upper Bollinger band.

I’m open to comments and suggestion to make it more user friendly.

If you buy Full time subscription, you’ll get an invite to my two telegram channels 1. For 1 Minute Indices and 2. For 4H major Forex pairs. You will get notifications directly on your phone.

Test results:

Forex Kangroos and Shadows MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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