Dolly Indicator
Dolly Indicator for MT4 provides forex trading buy and sell trade recommendations and shows pivot levels, support, and resistance levels
Description
The dolly indicator for MT4 provides forex trading signals based on support and resistance and pivot levels. Since the indicator provides the buy stop and sells stop trading signals in advance, it helps traders to anticipate important price reversal areas. Furthermore, the indicator plots the sell area and buys areas as separate lines on the price chart.
The indicator provides clear buy and sell instructions on the chart area providing entry options for two different scenarios. Additionally, it provides take profit and stop loss levels for the trading signals. So, the indicator is easy to use for new and advanced forex traders. The indicator is effective in smaller time frame charts like the 1 minute, 5 minute and 15 minutes.
Dolly Indicator For MT4 Trading Signals
The above GBPJPY M15 price chart shows the dolly indicator for MT4 in action. The support and resistance areas are clearly identified by the blue and red lines on the chart. Furthermore the pivot levels and support 1, 2, 3, and resistance 1, 2, 3 values are in the comments area.
The indicator provides trading signals as buy stop and sell stop based on the support and resistance levels. However, traders should apply the trade recommendations according to whether it is a breakout to the upside or the downside direction.
During strong trends the support and resistance levels may be invalid, so forex traders should apply the trade recommendations of the indicator with discretion. However, the pivot levels, support and resistance level and the trade recommendations provide vital information for a trader.
Conclusion
The dolly indicator for MT4 is a excellent tool that provides a complete overview of the support and resistance level with trade recommendation for a lower time frame.