BS_Living_Now - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

The BS Living Now indicator points to market extremes and is somewhat similar to a standard fractal indicator.

If you are not familiar with Bill Williams' fractals, you can easily find them in the collection of standard indicators in almost any trading platform, and you can immediately observe the similarities between these two indicators once you attach them to your chart.

But despite the fact that the indicators are similar, they are essentially different as both indicators apply different filters during the determination of extreme values ​​on the chart.

Furthermore, the BS Now Life Indicator has the feature of a custom filter that will select more or less extreme values ​​and flag them, whereas the standard fractal indicators do not have the option to adjust them or change something as they are obviously bound by a strict formula as described in one of the previously mentioned books by Bill Williams.

Indicator input parameters:

 //+------------------------------------------------------------------------+
//|Indicator input parameters |
//+------------------------------------------------------------------------+
Input unit i period = 10 ; // indicator period
Enter integer shift = 0 ; // indicator moves horizontally (in bars)

The larger the i-period parameter, the fewer extreme values ​​are displayed on the chart. On the contrary, the smaller the parameter, the greater the number of marked extreme values. Therefore, before using this indicator in your trading, it is better to choose the most optimized parameters for the currency pair.

Application in trading:

This indicator should be viewed as an assistant, marking important levels on the chart. If you look at some history, you will see that each new peak is higher than the previous peak during an uptrend and lower than the previous peak during a downtrend.

This means that when identifying the correct trend and using the BS Live Now indicator , you will not only correctly identify the entry point, but also add to the existing position with each subsequent extreme breakout.

Additionally, good money management can be applied to a strategy of opening the first trade with a large lot size and then opening each successive trade with a smaller lot size. Therefore, in the event of a sudden reversal, you will lose on small volumes and gain on large volumes, increasing the likelihood of closing the position at a profit.

Figure 1. BS_Living_Now indicator

Attachment download

📎 bs_living_now.mq5 (9.5 KB)

Source: MQL5 #16178