3 Bars High Low Indicator
3 Bars High Low indicator for MT4. BULLISH, BEARISH trends with SUPPORT, RESISTANCE and SELL and BUY forex trading signals with fractals.
Description
The 3 Bars High Low indicator for MT4 plots the BULLISH, BEARISH, and FLAT trends on the chart. Additionally, the fractals provide further confirmation of the BUY and SELL trades. The indicators provide BUY and SELL alerts upon trend change. Furthermore, the indicator does not repaint after candle close and provides stable signals which can be used for forex auto trading strategy. The indicator displays the current trend direction in the upper right chart corner for immediate reference.
The indicator is suitable for new and experienced forex traders. The trading signals assist the new traders to identify the BULLISH and BEARISH market trends and trade accordingly. However, advanced forex traders may use complex technical trading strategies or automatic trading strategies. Additionally, the indicator is free to download and easy to install.
3 Bars High Low Indicator For MT4 Trading Signals
The above GBPJPY M30 chart shows the 3 Bars High Low Indicator for MT4 in action. The indicator shows the neutral trend in YELLOW, the uptrend line in LIME, and downtrend line in ORANGERED. Additionally, the fractals are in Chartreuse. The indicator plots the trend line by combining the CCI indicator using the ATR, fractals for the bars mentioned in the indicator settings. Furthermore, the indicator provides BUY and SELL alerts upon BULLISH and BEARISH trend changes.
Forex traders can place a BUY trade once the indicators turn LIME as this denotes a BULLISH market trend. For best results, the stop loss is placed below the previous low and the take profit once the indicator changes to YELLOW, as this denotes a flat trend. Additionally, an exit at the opposite color changing to RED which indicates the change of new trend also provides great results.
Oppositely, forex traders can enter a BEARISH trend and place a SELL trade once the indicator turns RED. A stop-loss above the previous swing high and a target at the next opposite signal produces the best results.
The ability of the indicator to provide three different trend levels as BULLISH, BEARISH, and FLAT trends assists the forex trader to plan the best entry and exit points. Additionally, the fractals provide an additional dimension and assists in trade confirmations.
The indicator can be used to trade multi time frames ( mtf) , by comparing the trend in the higher time frame traders can zoom into and enter the best position in a lower time frame chart. As the trader enters the market in the trend direction of the higher time frame, the trader tends to stay in the trend direction.
Conclusion
The 3 Bars High Low Indicator for MT4 is a non-repaint trend showing indicator with BUY and SELL forex trading signals. So it is best for new forex traders and can use in confluence with other forex technical indicators. Additionally, forex traders can download the indicator for free and install it with ease.