Example I5: Using price as indicator
This is not a ready-to-use trading strategy. A trading strategy requires adjustment to the timeframe and symbol, along with thorough backtesting. The example is intended as a foundation for your own custom strategy and to help you get familiar with the Expert Advisor Builder web application. To import and use an example, please follow the instructions provided here.
Description
This example uses price itself as an indicator, specifically the opening price of each bar. This direct approach eliminates indicator lag, providing immediate response to price changes. The PRICE indicator allows any price component (open, high, low, close) to generate signals.
Using raw price data suits breakout strategies where specific price levels matter more than smoothed indicators. The visual display shows exactly which price points generate signals, providing complete transparency. This approach teaches the difference between price-based and indicator-based signal generation.
Price-as-indicator strategies often combine with other filters to avoid excessive signals. While responsive, raw price can be noisy, making additional confirmation valuable for filtering false moves.
Recreate the Example
You can either import this example directly or set it up manually. To manually replicate the trading module, make sure a newly added module includes the following key settings and that the professional mode is activated:
Trade Basics
- Operation type = Long signals only drawn
- General signal visualization = On
Signal Generation - Indicators - PRICE
- Signal in use = On
- Signal used for = Entry
- Selected indicator = PRICE
- Series = Open
- Draw in chart = On
- Drawing slot = 1
Screenshots
