MT4 Indicator "RT"
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“RT” Indicator Specifications
This indicator consists of two lines drawn on the main chart and needs to reference an external Indicator called “DTrigger” that has no external variables and returns “1” or “0”.
Ext Variables are: ProfitPips = 10; MinRTPips = 40; RT%= 25; UseDTrigger = True;
LabelPosition = 20 (pips the label is above High for SellRT /below Low for BuyRT)
For all below: If UseDTrigger = False then the DTrigger Indicator is assumed to be always “1” and thus the actions outlined are taken as soon as the current bar closes and is still by “MinRTPips” below or above the respective reference value.
Upper “BuyRT” Line (DarkGreen):
a) If Price is moving in an UP direction …….
Initially a variable called “HighPrice” equals the ASK of the current Price and the Variable “BuyRTPoint” and the “BuyRTLine” equal “HighPrice” +”Profit Pips”. Every time the current ASK price moves up and reaches the “BuyRTPoint” then “HighPrice” becomes equal to the current ASK and the “BuyRTPoint” and “BuyRTLine” move again by “ProfitPips” above it. In other words the “HighPrice” and “BuyRTPoint”/”BuyRTLine” variables are ratcheting up every time Price goes up by another Profit Pips over and above the last “HighPrice”.
b) If current ASK Price retracts down by MinRTPips below the current “HighPrice” value AND the “DTrigger” Value is “1” after the Close of the current bar then we set a “BuyRTPoint” to the ASK Close of the bar that just closed. The new “BuyRTLine” is now calculated using the Formula:
BuyRTPoint +(HighPrice - BuyRTPoint)*RT%/100
Two things can happen now:
1) Price keeps moving down ……
Step b) repeats. I.e. if the ASK Price moves down again by MinRTPips (but this time below the last BuyRTPoint) AND the DTrigger Value is 1 while still by MinRTPips below the BuyRTPoint we set the “BuyRTPoint” to the ASK Close of the bar that just closed. Consequently the BuyRT Line also gets recalculated using the new BuyRTPoint.
2) Price moves back up ………..
If the Price moves up and the BID reaches the BuyRTLine value then it does the following in this order: Place a Label with the pip value of the difference between “HighPrice” and “BuyRTPoint” below the current bar, the “HighPrice” becomes equal to the current ASK Price, the BuyRTLine and BuyRTPoint values becomes “HighPrice” + “ProfitPips”. If Price moves further up the ratcheting up of the HighPrice recommences (see a)).
The SellRTLine is generated in a similar fashion but with reverse logic (details in final specifications)
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