Founder: Esther Heng
Tutorials – FXDragons for MetaTrader 4
Chart Patterns and Explantion
Small and Big Red Dragons
- Acts as a guide during bearish downtrend
- Small Red Dragon (SRD) will initially be green and starts to merge and curl to become red signifying a change of trend from bullish to bearish.
- Big Red Dragon (BRD) will plot slower than the SRD but will also merge and curl from green to red when trend has changed from bullish to bearish.
- A bearish trend is significantly enhanced when you see SRD crossing the BRD and staying BELOW BRD.
- If the longer time frame 1hr, 4hr, Daily shows both Dragons red, on the lower time frame 5min,15min, you would want to short the rallies and stay with the trend.
- You may take profits when you start seeing the SRD turn from red to green signifying the trend may be over and you can reverse your position and go long. However, all other indicators must confirm the trend change to see any significant move to the upside.
Small and Big Green Dragons
- Acts as a guide during bullish uptrend.
- Small Green Dragon (SGD) will initially be red and starts to merge and curl to become green signifying a change of trend from bearish to bullish.
- Big Green Dragon (BGD) will plot slower than the SGD but will also merge and curl from red to green when trend has changed from bearish to bullish.
- A bullish trend is significantly enhanced when you see SGD crossing the BGD and staying above BGD.
- If the longer time frame 1hr, 4hr, Daily shows both Dragons green, on the lower time frame 5min,15min, you would want to buy the dips and stay with the trend.
- You may take profits when you start seeing the SGD turn from green to red signifying the trend may be over and you can reverse your position and go short. However, all other indicators must confirm the trend change to see any significant move to the downside.
FXD TrendFilter and FXD PowerLights
- Green = Bullish
- Red = Bearish
- Yellow = Neutral (signify a probable trend change)
- Bullish when above the zeroline of the FXD_TrendFilter
- Lighter green to darker green signifies a probable change in trend to the upside
- Bearish when below the zeroline of the FXD_TrendFilter
- Pink to red signifies a change in trend to the downside
- Help you to see clearly divergence or convergence
- SHORT > “M” formation/Double Top
- LONG > “W” formation/Double Bottom
- In a uptrend, FXD_PowerLights is green until it starts to converge ,turns light green > pink > eventually turning red
- In a downtrend, FXD_PowerLights is red until it starts to converge ,turns pink > light green > eventually turning green
- Combine with the FXD_TrendFilter, you can make better trade decisions whether to go long or short or know whether a trend is coming to an end and reverse course.
FXD Dragons Den
- This indicator gives you the session trading times for Asia (Tokyo) and the overlap of Europe (London) and USA (New York) and are painted in the background with different colors to differentiate the sessions.
- Tokyo > Beige
- London/New York Overlap > Blue
- With this indicator, you don’t have to guess which session you’re in because by looking at the colors, you will know
FXD Daily Pivots and Current Open Hi/Low
- Resistance and Support Levels with labels
- Current Day Open/Hi/Low with labels
- Why are they important? Price tends to test and retest these levels so with a visual representation, you can better time your entry and exit
FXD Containment Bands
- As with other volatility indicators, and especially channel indicators,the FXD_Containment Bands are use to identify the high and low of the day.
- When prices are contained within the FXD_Containment Bands, a possible reversal might occur, especially if you see the change in color of the FXD_Dragons
- It reacts immediately to changes in the highest high and lowest low. will move to the new high or low on the next bar or candlestick.
- It can also be used as support and resistance.
- When entering a trade, you can use the upper or lower bands as a guide to put your stop loss in place as shown in the chart.