Watch the testing video here:
EATA indicator – joint work of two oscillators
The EATA indicator gives the signals to the input of the points of a trend reversal based on the RSI and CCI oscillators. At the same time instead of the usual RSI, the EATA indicator uses fast RSI. The difference is that in the usual oscillator, RSI value is calculated by using the exponential method, in a fast RSI – simple method is applied.
How to use the EATA indicator?
The crossing of the red and blue curves of the indicator are signals to buy or sell. For the convenience of the trader, the EATA indicator also displays the trading signals in the form of blue and red buy/sell confirmation arrows. Blue Arrow is a signal to buy, and the red arrow is a signal to sell.
Settings of the EATA indicator
By default settings of EATA indicator are as follows (with explanation):
- CCI_per [default = 14] – the period of calculation of CCI
- RSI_per [default = 14] – the period for calculating the RSI indicator
- Ma_Period [default = 2] – the period for calculating the Moving Average indicator
- koef [default = 8] – the number of bars used for the calculation of the indicator
- arrows [default = true] – on/off display of arrows
The EATA should not be used as a standalone source of trading signals. This indicator will be much more effective when used as a part of best proven trend trading strategies as a filter or a set of indicators to determine the entry point into the currency market.
How to install the EATA indicator on your Metatrader 4 trading platform?
- Download the indicator by clicking “LINK” button at the bottom of this post.
- Copy and paste the EATA indicator files into following folder of your Metatrader 4 (MT4) platform: MQL4 > Indicators.
- You can gain access to the folders this way: File > Open Data Folder > MQL4 > Indicators (paste files here).
- Restart your Metatrader 4 Client.
- Select Chart and Timeframe where you want to test the indicator
- Browse “Custom Indicators” in your Navigator that is located on the left in your Metatrader 4 platform.
- Right click on eata.mq4 and than click “Attach to the chart”.
- You can modify settings if you need and than click ok.
- The indicator is ready and running on the chart.
In the archives you will find following Metatrader 4 files included:
- eata.tpl (template)
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