Heat Finder 2.0
This indicator scans all the instruments in your Market Watch and finds those offering the most volatility and efficient price movement. It will tell you what instruments are best to trade at any given time.
- Find what symbols are hot to trade easily
- Stop missing out on trading opportunities
- Stop trading flat instruments going nowhere
- Find dozens of price action opportunities regularly
- Focus your margin on instruments which offer volatility
- Customizable font sizes and colors
Using the indicator is extremely easy:
- It lists the most volatile instruments available in your platform
- It calculates how efficient is this volatility to create price movement
- Open a chart with just one click.... and trade!
How to use the indicator
The indicator iterates all symbols present in your Market Watch, to find the most attractive to trade based on volatility and efficient price movement. To scan all the symbols your broker offers, make sure to display them all.
The indicator dashboard displays the most attractive symbols, ordered by descending volatility. The most volatile symbol at the time will be displayed at the top. But volatility alone can be deceiving: maybe an instrument is moving a lot but going nowhere. That's why the efficiency value is displayed as well.
The efficiency measures how much of the absolute price movement translates into efficient price movement. For instance, a symbol with a volatility of 10% but an efficiency of 0% would mean that the symbol is suffering tremendous price movements, but closing prices would be the same each day: not so good.
On the other hand, a symbol with the same volatility but an efficiency of 75% is much more desireable: it means the symbol is volatile and that 75% of that volatility translates into sustained price movement. That is the perfect instrument to trade!
- Indicator Settings
- The Volatility Period is the amount of bars used to evaluate volatility from, from each chart. The Efficiency Period is the amount of bars used to evaluate efficiency from.
- Display and Colors
- In this parameter block, you can customize the font sizes and colors of the dashboard, as well as the colors for the different rows of the dashboard according to the efficiency of price movement.
- How can this indicator help me?
- In order to make money, traders need volatility. And screening the 50 or 100 symbols your broker offers is not an easy task, let alone comparing the volatility between all of them. This indicator solves that problem for you, it allows you to focus your trading time and money into the instruments offering the most volatility and efficient price movement.
- How can I add symbols to the indicator?
- The indicator reads all the symbols available in your Market Watch, to add a symbol to the evaluation process, just add it to your Market Watch and reload the indicator.
- Do I need to type the symbols into an indicator parameter ?
- No, you don't. The indicator reads automatically all symbols present in your Market Watch of Metatrader.