This is the PALindicator - this is where the price action happens, PAL stands for Price Action Lines
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What is this indicator showing?
- there are 4 lines to work with - red and yellow lines represents bearish levels - blue and green lines represents bullish levels - you can understand this indicator as dynamic support & resistance lines - it will show you easy to read support & resistance breakouts - it's something between pivot points and Fibonacci Retracement lines
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How does this indicator work?
- as mentioned before, there are 4 lines, on my opinion the blue and the green lines show you a continuation of a bullish trend - the yellow and the red lines show you a continuation of a bearish trend - if your crypto pair, forex pair, stock or any other instrument close above the blue line, its an buy opportunity - if your crypto pair, forex pair, stock or any other instrument close above the yellow line, its an sell opportunity
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Which timeframe you recommend?
- we recommend to use this indicator for daily timeframe - we also recommend to use this indicator for weekly and monthly timeframe - in the indicator settings you can change the indicator timeframe from 250 (daily chart) to 52 (weekly chart) and 12 (monthly chart) - after changing the indicator timeframe you have to change the chart timeframe to daily, weekly or monthly - it's also possible to use this indicator intraday, but we don't recommend to use it with instruments which you can't trade (24/5 24/7)
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Versionshinweise
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some small changes in the settings old: 1,2,3,4 new: red, yellow, blue, green