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Code:SNAP
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Category: Indicator
Platform: Metatrader 4 - Windows 32|64bits app
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 | Snap Back Indicator
The Snap Back indicator is able to recognize situations where price went too far too fast and we can expect a pull back (or snap back).
The indicator can be used for Forex, Stocks, Indices, Futures, Commodities and Cryptos.
The strategy that comes with the Snap Back indicator is based on price action.
Trader Andrés Plaza performed extensive testing (assets, time frames) with the indicator and achieved very interesting results.
You can refer to Andrés Youtube channel for more information, Trading Waves youtube channel.
Andrés does combine the Snap Back indicator with other elements to make decisions: Bollinger Bands, EMAs, Support/Resistance levels. You can learn more on that in Andrés Youtube channel.
The indicator can generate alerts once a signal is confirmed (popup, sound, push, email).
Inputs of the indicator are:
- Distance: distance in pixel relative to top or bottom of candle to display the arrow symbol
- MaxBars: number of bars back used to calculate the indicator
- TradeDirection (Long/Short/LongAndShort): filter signals for BUY and SELL
- UseConfirmedSignals (true/false): generate alerts for confirmed signals (at the close of the bar). It is required to set this value to true if you want to receive confirmed signals alerts.
- PopAlerts (true/false): to enable alerts of type Popup window
- EmailAlerts (true/false): to enable alerts of type Email
- PushAlers (true/false): to enable alerts of type Push Notification
- SoundAlerts (true/false): to enable alerts of type Sound
- SoundFile: file to be used for sound alerts
Trading rules:
- For BUY: wait for a bullish Snap Back to print on a support zone after a down trend. Wait for price to break high of the Snap Back candle. Immediately enter in the trade once high is broken. You also can use a BUY STOP above the high of the candle (plus spread). Stop Loss should be placed below the low of the Snap Back candle. If order is not triggered in the next candle then trade is invalidated and should be canceled.
- For SELL: wait for a bearish Snap Back to print after an up trend. Wait for price to break the low of the Snap Back candle. Immediately enter in the trade once low is broken. You also can use a SELL STOP order below the low of the candle. Stop Loss should be placed above the high of the Snap Back candle. If order is not triggered in the next candle then trade is invalidated and should be canceled.
The Snap Back indicator can be used with any time frame. But according to extensive testing, best results can be achieved with H1 and H4 time frames.
The Snap Back indicator can be used with any class of assets: Forex, Stocks, Indices, Futures, Commodities and Cryptos.
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