Indicator Features
Trend Cloud - Institutional Zones - Automatic Trendlines - All Session Highs and Lows - Highlight Sessions - Previous MTF Zones - Adaptive S/R Zones - Swing Points
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Trend Cloud - Institutional Zones - Automatic Trendlines - All Session Highs and Lows - Highlight Sessions - Previous MTF Zones - Adaptive S/R Zones - Swing Points
Last updated
Was this helpful?
The extra indicator features in NVME Blackfire X will help traders identify areas where price may react and reverse, the market structure in higher highs, higher lows, lower highs and lower lows, get multi-time frame highs and lows or closes and opens, see the current trend with a trend cloud or with a trend line and they can also use the session highs and lows for breakout trading too. The extra features aims to provide traders with automated overlays to help with decision making with every trade.
The trend cloud is our moving average based system that creates a trend-following highlight onto the charts allowing users to filter out noise and incorrect signals in most circumstances. Users are able to customise the moving averages used to create the clouds and they can also customise the short-length and the long-length too.
Trend Cloud Toggle Box is the checkbox input that determines whether the trend cloud will plot or not. Enabling this will show the cloud and disabling it will hide the cloud.
Length A is the first input field on this feature that determines the fast length of the cloud (short-length). This parameter needs to be less than length B for the feature to work!
Length B is the second input field on this feature that determines the slow length of the cloud (long-length). This parameter needs to be greater than length A for the feature to work!
System A is the third input field on this feature that determines what moving average to use for the length A input.
System B is the fourth input field on this feature that determines what moving average to use for the length B input.
Institutional Zones are support and resistance zones that has had a volume greater than 40% of normal retail activity. Each zone is printed only if price has touched and rejected from it and these can be used as a major structural zone for analysis.
Show Institutional Zones Toggle Box is a checkbox input that determines whether these zones will show or not. Enabling this input field will print the zones onto your charts. Disabling this will hide the zones from your charts.
The Detection Strength is the second input field that heavily impacts where the zones are printed. The higher this value is, more zones will be printed, the lower the value is, less zones will be printed.
Automatic trend-lines is our third feature within this group and it helps traders follow the trade accordingly to the lines drawn. These lines can be used as a dynamic support and resistance for price to reject or reverse from too.
Plot Automatic Trend-Lines Toggle Box is a checkbox input field that determines whether these trend-lines will plot or not. Enabling this field will plot the trend-lines on your charts. Disabling this field will hide the trend-lines from your charts.
Trendline Period is the second input field that determines how many bars from the past to utilise before printing a trend-line for use. This will take in account the amount of wick rejections from each candlestick. The period can also be used to determine the life-span of each trendline too but that mostly depends on how price is travelling.
Trendline Detection Ratio is the third input field that determines the strength of the detection algorithm. Minimum value is 1 and maximum is 10. The value of 1 will detect as many lines as possible with a shorter lifespan and 10 will detect less trend-lines but each line has a greater lifespan.
All sessions highs and lows can be used by breakout traders to get the most appropriate highs and lows that can be used as a support and resistance zone for break and retest or break and enter away (not safe). This feature can really help traders identify where the market might go to next and this itself can help with decision making.
All Sessions Highs and Lows Toggle Box is a checkbox input field that determines whether or not the highs and lows of each session will print. Enabling this will show the zones and disabling this will hide these zones.
This feature will help traders identify what trading sessions they are in. Traders should ideally be trading in the London session and New York session for optimal results. These sessions will also be highlighted in a low opacity colour.
To enable these session highlights all you need to do is enable the checkboxes that says "Show {name} session". Traders can also customise the time frame of each session so the highlights can stay for longer or a shorter duration.
Red = London Session
Blue = New York Session
Yellow = Asian Session
Our previous MTF candles features will plot their closing and opening data or high and low data, in the form of a line that extends with every bar update. Users may find use in this for breakout trading or to use as a dynamic support and resistance on top of their analysis. These plots are fully customisable, the previous candle can be selected too and their midpoints can be drawn on.
Plot Previous Candle Info is a toggle box input, which will determine whether or not the previous MTF candles information will show. If enabled then the plots will be drawn. If disabled then the plots will be hidden.
Settings is a two way input field that allows the user to select the timeframe that they want and the data they want to grab. The timeframe input field has 15 options from the 1 minute to the monthly time frame. The data grab field has two options, which are high and low or close and open.
Extend Plots is a dropdown field that allows the user to extend the line plots across the charts if they would prefer to have that. There are 4 options to choose from, which are "None, Left, Right, Both". None will only have the line drawn from the previous candle's bar opening and it will extend until a new previous bar has formed. Left will extend the line towards the full left side of the chart. Right will extend the line towards the full right side of the chart. Both will extend the lines in both directions.
Candle Lookback is a number based input field that determines what candle to use from the timeframe given. Default is 1, which will look at the previous candle closest to the new candle that is active.
Show Midpoint is a toggle box input, which will draw the midpoint by doing price a + price b divided by 2. This midpoint can be used as a dynamic support or resistance when following the trend.
This is the feature that is expected with many algorithms and it is the automatic support and resistance zones. These zones can be used in many different scenarios to allow the traders to trade safely and see where price may reverse. Adaptive S/R Zones can definitely be used for breakout trading, break and retest, pullback trading or they can be used as a take profit or stop loss point.
Show Adaptive S/R Zones is a toggle box input and if it is enabled it will allow the algorithm to plot those support and resistance zones. If disabled, then these zones will be hidden.
S/R Method is a dropdown input field that has two support and resistance options and they will determine what type of support and resistance zones you will get.
Wick-Based is the first option in the S/R Method tab and this utilises wick rejections to print pivot zones.
Precision-Based is the second option in the S/R Method tab and this utilises long-term price data to gather common points of reversals to plot on the charts.
Adaptive S/R multiplier is the third input of this section and this will determine the strength of the zone detection for the precision based, whilst utilising X bars back in the wick-based. Having a higher value in this box can be better long-term, a lower value may be best for scalpers.
Swing points are a unique perspective feature that helps traders identify the market structure through providing them with labels identifying the higher highs, higher lows, lower highs, lower lows. This can be useful for traders to identify the trend. The text will also identify the type of candle the swing point is too, which can detect bullish / bearish engulfings, haramis and hammers.
Show Swing Points is a toggle box input that determines whether or not the swing points will plot on the chart. If enabled they will plot and if disabled they will delete themselves.
Swing Point Period is a input field that determines the delay and the bars to utilise before printing a swing point. The higher this number the more accurate the swing points are.
Swing points are a retro perspective feature and do not print in real-time!
Future movements forecast is a unique feature within the Blackfire X algorithm because it uses previous data from the market to calculate a possible forecast of the markets next movements. Of course, it isn't going to be guaranteed to get all moves correct but it helps gives traders an insight into what could potentially happen. Users are able to customise how many predictions the indicator will do, the data lookback period and prevent repainting of the forecasts.
Predict Future Moves is the first input field that comes in the form of a checkbox and if enabled, it will print a line that shows users where the next move is. If disabled, nothing will show.
Number Of Predictions [1-5] is the second input field that comes in the form of an integer box that allows users to change the amount of predictions that the Blackfire X algorithm can do.
Forecast Lookback Period [10-50] is the third input field that comes in the form of an integer box that will determine how many bars of data to utilise in the forecast module before retrieving the final value of the forecast.
Prevent Forecast Repaint is the fourth input field that comes in the form of a checkbox and if enabled it will enforce a lock mechanism for each forecast where the bars has to surpass the final forecast line's horizontal positioning before generating a new forecast. If disabled a forecast will be generated every bar update.
The linear regression channel is a unique dynamic support and resistance feature that can be used as a adaptive trend line where price could possibly reverse from the high and low points or price could break through and retest those lines before a continuation occurs. This feature will be helpful for breakout or trend-following traders.
Show Lin Reg Channel is the first input field in this group and it comes in the form of a checkbox that will determine whether or not the linear regression channel can be printed on the chart. If enabled, it will print a lin-reg channel with 5 lines on the chart. If disabled, nothing will be printed.
Linear Regression Period is the second input field in this group and it comes in the form of an integer box that will determine how many bars of data to utilise before printing a linear regression channel that is suitable for the current market situation. Increasing this value will use more bars of data, which will most likely place the channel in a sideways position. Decreasing this value will use less bars of data, which will more likely place the channel in a steep position.
READ:
Users must first go into the chart settings and click on appearance and then users are expected to hide / uncheck the following things: Candle Body, Candle Border and Candle Wicks.
The custom candlesticks is our very own unique system of different candle types that can be used for analysis and these candles are very close to the current price of a normal Japanese candlestick. They filter out more noise than normal candlesticks and even has the ability to filter out more noise than Heikin-Ashi! The best part is with some of our candlestick modules, users can still identify support and resistance zones, trend-lines and strong rejections.
Plot Custom Candles is the first input field in the group that comes in the form of a dropdown box that houses 5 different settings to choose from, which are: None, Exponential-Hashi Sticks, Arithmatic Sticks, Wavy-Hashi Sticks, Linear-Blockashi Sticks.
Candle Colour Method is the second input field within the group and it comes in the form of a dropdown menu that allows users to change the way that these custom candlesticks are coloured. There are 4 options to choose from, which are default, gradient 3 colours, normal 3 colours, and alternate progression.
Default is the users inputted bull colour and bear colour.
Gradient 3 Colours is the users three inputted colours all mixed into a gradient system.
Normal 3 Colours is the users three inputted colours ( bull, bear and range )
Alternate Progress is utilising a gradient system from the trend identified in our secret module.
