Back in 2015, Keith Watson (Gumrai) helped me to re-design a simple indicator similar to Paul Haye's "Scalpers Buddy".
Basically it's an indicator that sounds a chime and highlights in red (or a colour of your choice) when the current candle has moved a certain amount of pips and signals us of volatile moves.
- Sound alerts
- Visual alerts (text colour change)
- Draggable on chart - can be placed anywhere
- Customizable font and font size
- Multi-timeframe (but for accurate and constant volatility alerts leave the setting on M1)
Even though this indicator was designed to alert you on when to scalp during a trend trade, I use it for simple counter-trend trading simply by:
1. Waiting for the alarm to chime
2. Checking on the M15 which chart is moving
3. Jumping in and scalping the opposite direction once the candle moves close to an important structure like Daily Pivots, 200MA's, whole round numbers (sweet spots), and support and resistance.
Here's an example of a live trade taken by using the Volatility Alarm:
When I want to be alerted of volatile moves I leave it on the default 5.0 pips when trading the volatile currencies (GBPJPY, GBPAUD, EURNZD, EURCAD, GBPCAD, GBPNZD and EURAUD).
All other major pairs I set it on 4.0 pips.
Try it out, I'm sure many of you will find it useful to help alert you of volatility.
PS: I've also included the sound chime I use which is a low frequency "dong" sound. Just drop this file into your "Sounds" folder in the MT4 directory and load the Volatility Alarm Settings file included.
7th March 2018
- Fixed issue with resetting "Chart on foreground" and renaming issue with indicator not appearing in list