This indicator consists of seven trading tools combined into one piece of code. Those tools are:
1. Berma Rate of Change Oscillator.
2. BROC Panel.
3. BROC Shadows
4. BROC Arrows
5. Symbol Switch
6. Berma Jaw
7. Berma Grid
1. Berma Rate of Change Oscillator.
BROC is an index that measures the price rate of change using the principle of “Pure Momentum“, which means that momentum is measured from the center of the distance between the beginning and ending points. The formula behind this indicator can be explained in the next steps:
1. Find the center of the distance between the beginning and the ending points on the chart.
2. Divide the difference between the ending point and the beginning point by the center.
3. Multiply the result of the previous step by 100.
2. Berma Rate of Change Panel.
The panel is found at the right corner of the indicator’s window. It consists of five dots that represent the result of calculating the BROC over five time periods (by default: 10-20-40-80-160).
If the dot is blue, then it is bullish and if it is red then it is bearish. When all dots have the same color then it is a sign of strong momentum. So, if all BROC Panel dots are blue then the momentum is strong bullish, and the opposite is true. if all BROC Panel dots are red then the momentum is strong bearish.
3. BROC Shadows.
Those shadows are designed to show you the history of the areas when the BRCO Panel was bullish or bearish in the past. Whenever all the BROC panel dots are blue (bullish) a histogram is drawn under the indicator line, and the opposite is true. Whenever all the BROC panel dots are red (bearish) a histogram is drawn under the indicator line.
4. BROC Arrows.
When all BROC Panel dots are blue (bullish) for the first time an upside arrow is drawn on the main chart window and an alert sound can be played.
Also, when all BROC Panel dots are red (bearish) for the first time a downside arrow is drawn on the main chart window and an alert sound can be played.
5. Symbol Switch.
This is a tool that can allow you to easily switch between symbols in the same window. This will decrease the number of open charts on your terminal and make it easy for you to scan all charts you have an interest in. All you must do is click on the “Symbol Switch Button” and choose the symbol you want to open its chart.
6. Berma Jaw.
Or “Berma Deviation Channel”. This tool looks like two bands that surround the price candles. It is made of two standard deviation channels combined to form two parallel areas that show extreme overbought and oversold conditions.
If the “Berma Jaw” slopes to the upside, then the short-term trend is bullish. Also, if the “Berma Jaw” slopes to the downside, then the short-term trend is bearish.
If price candles enter the “Upper Berma Jaw” then it is considered at extreme bullish criteria, and it might reverse its direction to the downside. Also, if price candles enter the “Lower Berma Jaw” then it is considered at extreme bearish criteria, and it might reverse its direction to the downside.
7. Berma Grid.
This tool will draw several standard deviation channels in the background of your chart that look like a grid. The idea behind this tool is to show you the slope of the long-term trend. If the “Berma Grid” slope is to the upside then the long-term trend is bullish, but if the slope is to the downside, then the long-term trend is bearish. If the slope is almost horizontal, then the long-term trend is sideways.
Berma Rate of Change Indicator Inputs.
1) GROUP ONE: PARAMETERS
First BROC Period [Min=2] This is the first period in the BROC Panel. The default is 10 & the minimum value of this parameter should not be less than 2, because we compare at least two prices on the chart.
2) GROUP TWO: ARROWS & ALERT
Show Arrows & Vertical Lines: This parameter will allow you to see potential buy and sell signals on the chart. You can choose to show one or both. The default is to “Show Arrows Only”. If you choose to “Hide All” then all kinds of alert on new signals will be disabled, because the signals are hidden from the chart.
Alert on New Signal: Choose to use or stop alert sound and message Default is true.
Send Email on New Signal: Option to send messages to the user by email. Default is false.
Send Notification on New Signal: Option to send mobile notifications to the user. Default is false.
3) GROUP THREE: STYLE
Chart Color Scheme: Here you can find ready-made color schemes that will make your chart look more professional. The default choice is “Do Nothing”. If you choose the default choice, then you can use the next parameters to set your colors.
Custom BROC Bullish Color: The default is Blue.
Custom BROC Bearish Color: The default is Red.
Panel Appear [Shift + Letter] You can choose the letter to use if you want to make the panel appear on the chart. The default is “A”.
Panel Disappear [Shift + Letter] You can choose the letter to use if you want to make the panel disappear from the chart. The default is “D”.
Set Chart on Foreground: The default is false.
4) GROUP FOUR: SYMBOLS SWITCH PANEL
Window to Show Symbols Panel: You can choose to show the symbols buttons on “the Chart Main Window” or on “the Indicator’s Window”.
Symbols Source From: You can choose to get symbols from “the Custom List of Symbols” or from “the Market Watch”.
Custom List of Symbols (Separated by “;”) Write your list of symbols to show on the chart when you click on its button, but don’t forget to separate them by a semicolon “;”.
Buttons in a Horizontal Row [Min=1] You can define the number of buttons that can appear in each row. The default is 7.
5) GROUP FIVE: CHANNELS PARAMETERS
Berma Jaw Length [Min=2] You can change the length of “Berma Jaw”. The default is 50 & it should not be less than 2 periods.
Berma Jaw Color If you choose “Do Nothing” from “the Chart Color Scheme” then you can use this parameter to change “the Berma Jaw” color.
Berma Grid Length [Min=3] You can change the length of “Berma Grid”. The default is 500 & it should not be less than 3 periods.
Berma Grid Color If you choose “Do Nothing” from “the Chart Color Scheme” then you can use this parameter to change “the Berma Grid” color.
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