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The M1 Gold indicator is an arrow-type forex trading tool specifically designed for the M1 timeframe of the XAUUSD pair. Built on the Max Payne system, this indicator offers a reliable, non-repainting, and non-backpainting solution for traders looking to capitalize on short-term market movements.
Original price: $480
Expert: M1 Gold Arrow Indicator.ex4 (NoDLL Working on version 1420+)
Key Features
Arrow Indicators with Trend Filter:
The M1 Gold indicator integrates two custom arrow indicators within its code, alongside a trend filter based on the Max Payne system. This combination ensures that the signals generated are aligned with the overall market trend, improving the accuracy and reliability of your trades.
Non-Repainting and Non-Backpainting:
One of the standout features of the M1 Gold indicator is its ability to generate signals that do not repaint or backpaint. This means that the arrows you see on the chart are reliable and fixed, providing you with consistent signals without the risk of false historical data.
Backtesting Panel:
M1 Gold comes with a comprehensive backtesting panel that provides essential data such as win rate, the number of winning and losing trades, and the total pips gained. This panel saves time and effort by offering an in-depth analysis of the indicator’s performance based on the history bars input. Traders can adjust the number of history bars to extend the analysis further into the past, enabling a more comprehensive evaluation of the indicator’s effectiveness.
Recommendations for Optimal Use
- Raw Spread Account: For best results, it’s recommended to use the M1 Gold indicator on a raw spread account.
- M1 Chart: While designed for the M1 timeframe, this indicator can also be adapted for use on Renko charts or other timeframes. However, when doing so, it’s crucial to adjust the indicator settings, including Take Profit (TP) and Stop Loss (SL) values, accordingly.
Parameters Overview
History: Defines how many historical signals are shown on the chart.
Signal Period: Determines the period for generating entry arrows.
Filter: Applies a filter to entry arrows to refine signals.
Confirmation Arrow:
- Signal Period: Sets the period for generating confirmation arrows.
- Filter: Applies a filter to confirmation arrows for additional signal accuracy.
Trend Filter:
A filter that aligns trades with the general trend direction to enhance signal reliability.
General Settings:
- TP (Take Profit): The value for take profits in points.
- SL (Stop Loss): The value for stop losses in points.
- Backtesting Panel Colors/Position: Customizes the appearance and location of the backtesting panel.
- Alerts: Manages alert settings for signal notifications.
Conclusion
The M1 Gold indicator is a powerful tool for traders focusing on the XAUUSD pair, particularly in the M1 timeframe. By combining custom arrow indicators with the Max Payne trend filter, it delivers reliable, non-repainting signals that can significantly enhance your trading strategy. The added functionality of a backtesting panel allows traders to fine-tune their approach based on historical data, making it a versatile and user-friendly indicator.
