Record Session High Trader Indicator
This Record Session High Trader Indicator gives automatic alerts using price action patterns. It draws buy and sell arrows directly on the price chart when the forex trend is going to reverse.
Description
The Record Session High Trader Indicator is a super simple tool that allows you to trade forex using the trend reversal signals.
For these purposes, the indicator automatically analyzes such patterns as:
- “Record Session High” and “Record Session Low” (developed by author Stephen Reynolds).
- Bull Engulfing/Bear Piercing, Bull Morning Star/Bear Evening Star and Bull Hammer/Bear Shooting Star – a classic candlestick patterns.
The red arrow up corresponds to bullish signal. The blue arrow down indicates a bearish signal.
The Record Session High Trader Indicator for MT4 also displays two channels on the chart – Bollinger and Keltner – to assess the volatility of the market. The author recommends caution with the indicator signals when the price bars are outside the channels (i.e. the forex market is in a strong bullish or bearish trend).
For now, let’s talk how to trade using this indicator. There are no clear rules (unfortunately or fortunately). You will have to make an extra effort by analyzing the context in which the indicator signal appeared.
Note that the Record Session High Trader Indicator for some reason (unavailable to us) does not always draw arrows on the chart, sometimes – only zigzag lines.
Sell Signal
The example below shows a bullish trend fade warning – these are the blue ZigZag lines drawn by the indicator on the USDJPY forex market chart, 4-hour period.
At that time the market overcame the psychological level of 135 yen per dollar, and the Record Session High Trader Indicator automatically analyzing the patterns of the price showed that the strength of demand had been exhausted, so there was a possibility of pullback.
How to trade? Construct a local trend line (1). And go short on its breakdown (as arrow number 2 shows in the picture), assuming the market goes down to test the psychological level of 135. At that level, take profits.
Remember to protect your position with a stop-loss order. Or use your own position management rules.
Buy Signal
The chart below (EURAUD forex market, H1) shows an example of buying.
A warning signal of bearish trend exhaustion appeared in the form of a red zigzag line.
How to trade? Plot a local trend line (1). Open a long position at the close of a breakout bar (or without waiting for it to close).
Set take-profit at the level near the upper limit of the channels, protecting the position with a Stop-loss order. Make sure the profit potential is not less than the risk taken.
As an alternative option for closing a position, use a trailing-stop.
Conclusion
The Record Session High Trader Indicator for Metatrader helps you to trade on trend reversals. The indicator draws arrows on the price chart, which is very convenient.
Advantages of the Record Session High Trader Indicator:
- The indicator automatically analyzes price patterns and does not contain formulas for averaging, which lead to lagging
- You get an alert as soon as a buy or sell signal appears.
- You can test the indicator in the built-in MT4
- Non-repaint.
- It’s free!
- It is applicable for intraday trading as well as for opening investment positions on daily/weekly/monthly charts on forex & stock market.
Disadvantages of the indicator:
- Rare
- The emergence of signals requires additional analysis of the market context, which can lead to poor decisions, especially for novice forex traders.
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