Argo Zone Indicator for MetaTrader 4

The main purpose of the indicator development has been the allocation of basic market movement zones. I have allocated three basic and two additional zones. These are the working zone (where 90% of the market movement occurs), two assumed market reversal (BUY and SELL) ones and additional zones of containment during the rollback. Also, placing static and dynamic Fibo levels (extensions), as well as ability to apply indicators with different TF settings are provided. This indicator is not redrawn, as it is generated based on the Murphy's algorithm.

The last (unfinished) wave is highlighted with a different color defined in the settings the same way as the color of all zones. The wave labeling follows 0-А-В-С three-wave structure. However, I cannot guarantee its accuracy, as I have never examined that issue in all details. The main idea here is that "0" is always the lowest or highest one. Thus, we consider only the cases when 0-А wave has already been generated, while В wave is unfinished. This assumes that the first wave is over, the rollback (second wave) is underway and we should wait for the third wave generation (the main wave where the profit is taken). When С wave has finished between А and В points, this may indicate possible rollback (consolidation).

Working zone (FletZon) is the one where the main movement occurs, while entering SELL and BUY zones may indicate the nearest market reversal. In these zones, we are should wait for the confirmation, though it does not mean that we should buy or sell at once.

Containment zones are my interpretation of TJ's Ellipse. Those who are not familiar with it can found the description below:

"A user marks oscillation (peak and bottom). Selected points are used to define the size and strength of the current oscillation. Using these values, Advanced GET lays the future Ellipse course for intercepting prices. During the operation, TJ's Ellipses will continuously move towards the prices. When the prices meet (or come across) the Ellipse, it stops moving and becomes a reliable Support/Resistance level. At this critical moment, it is very important for the Ellipse to hold the prices. If it survives, the previous movement may be resumed."

Unfortunately, I have not managed to make them move, though I have defined the possible borders, while the points (peak and bottom) have been determined by the indicator. They are also displayed together with the current and previous waves. The "borders" of all the zones can be changed in the settings.

The indicator can be used in the strategy tester. To do this, you need a *.csv file from the time frame specified in the indicator settings. The indicator can generate such a file for itself, you just need to let it do that (PeakToCSV = true).

Argo Zone

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