The Spyker indicator for MetaTrader4 is a technical study that is used in identifying sudden price jumps or spike bars on the activity chart. Such price spikes are usually seen at the end of a trend or on price breakouts. Each bar’s price spike is plotted by the silver colored signal line.
An upward spike is noticed when the indicator suddenly jumps to an extreme level above the zero signal level. A downward spike is noticeable when the indicator suddenly dips to extreme levels below the zero signal level.
The spike bars are picked by extreme readings in the indicator. The golden colored signal line is the mean of the spike range for every bar, and it can also be deployed as a signal line that can determine upward and downward price jumps.
The Spyker indicator can be used in addition with other technical studies or support and resistance levels to design a working trading strategy. If a resistance level is broker with a spike bar, however price then fails to trade above the spike bar, then this is a signal that the breakout could be false.
Seemingly, if a support level is breached with a spike bar, but price fails to trade below the spike bar, then it is a signal that it could be a false.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (JimmyEMA, SignalSMA), Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month