Radar Signal Indicator
Radar Signal Indicator For MT4 provides buy and sell forex trading signals with stop loss, take profit, and safe zone by combining 7 indicators.
Description
The Radar signal indicator for MT4 provides buy and sell forex trading signals with stop loss and profit target. To derive the best trading signals, the indicator uses a combination of 7 technical indicators. Additionally, it confirms the trading signals using multi time frame technical analysis. As a result, the trading signals of the indicator are better quality.
The indicator provides a visual dashboard with the bullish or bearish levels of the independent indicators. However, the indicator displays the entry and exit levels as horizontal lines and also in the comments are of the chart. So, the indicator output is simple to interpret and use them.
New and advanced forex traders can use the indicator with ease. Moreover, the indicator works well in all chart time frames and provides trading signals accordingly.
Radar Signal Indicator For MT4 Trading Signals
The above AUDUSD H1 chart shows the Radar signal indicator for MT4 in action. The indicator provides the trade signals through the comments area of the chart and also plots them on the chart directly.
The comments area clearly provides the entry point, the safest zone of the trade and the potential target for this trade. Additionally it displays the stop loss condition and provides the profit and loss value of the open trade in pips.
Radar signal indicator is the combination of 7 classic MT4 indicators. They include ADX, RSI , CCI , OsMA, ATR, WPR. The indicator shows the values of these indicators in blue and red. Red color indicates a bearish market condition and the blue shows bullish market condition.
The indicator lots the entry point as a yellow horizontal line and the target as blue line. Moreover, the safe area of the trade is indicated as red rectangle.
Forex traders can easily interpret the trading signals and enter the trader according to the recommendations of the indicator. Traders should note that there may be few cases where the indicator may provide trading signals without the confluence of a few indicators at higher time zone.
However, advanced forex traders can wait for the all the indicators values to align to the trade direction. This helps traders to add additional input and confirmation to the trade.
The stop loss condition is for the candle to close beyond the stop loss price. This avoids traders to exit the market in cases where market touches the price and reverses at important support and resistance levels.
Another important feature is the safe zone of the trade recommendation. Once price exits this zone traders should exercise caution and prepare to exit the trade if necessary, particularly if market displays a strong momentum against the trade.
Conclusion
The Radar signal indicator for MT4 works well in trending markets, though the indicator is built on a combination of indicators representing momentum and trend. However, the quality of trading signals in higher chart time frame is more profitable than the lower ones.