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Uses an oscillator to plot a short term (red), medium term (blue) and long term (green and black) price action.
When long term price action is rising the color is green and when falling it is plotted black. Never trade against the long term direction.
This indicator identifies the classic Sling Shot trades and show Break Out trades.
Sling Shot : When short term (red) and/or medium term (blue) moves away (separate) for a while from the long term (green and black) and then bend (hook) in the same direction of the long term trend (entry point) and then come back in the same direction of the long term (reverting to the mean).
Break Out : When all three (short, medium and long) lines bend (hook) simultaneously in the same direction and is close together or on top of each other (squeezed together).
Works best when identified to confirm with trend or other similar indicator before entering the trade.