M W Pattern Indicator
M W Pattern Indicator For MT4 automatically scans for the candlestick pattern and gives buy and sell forex trading signals.
Description
The M W pattern indicator for MT4 is an advanced candlestick pattern scanner with additional filters to ensure high accuracy. Importantly, the indicator does not repaint and provides a detailed statistics dashboard. The dashboard provides historical trading results of the pattern. Additionally, the indicator provides buy and sell arrow based forex trading signals with stop loss and take profit levels. So, forex traders can trade the bullish and bearish trading signals of the M and W patterns effectively using this indicator.
The arrow trading signals of this indicator is simple to interpret and is best suitable for new forex traders. However, advanced forex traders can use the statistics to fine tune the M and W patterns. Moreover, the indicator can be incorporated in automated trading systems.
M W Pattern Indicator For MT4 Trading Signals
The above GBPUSD H1 candlestick price chart shows the M W pattern indicator for MT4 in action. The indicator shows the bullish trading signals in blue arrows and the bearish signals as red arrows. Additionally, the dashboard shows the accuracy 1 that refers to the percentage of time the trade hits take profit 1 before the stop loss is hit. Likewise, the accuracy refers to the take profit 2 being hit before the stop loss. Moreover, dashboard shows positive 1 and refers to the percentage of times the trade hits take profit 1. The positive 2 refers to the same but applies to take profit 2.
If the indicator plots a blue upward arrow it indicates a potential bullish move. So, forex traders should enter the market with a buy trade and place a stop loss at SL1 and a take profit and TP1. However, once the trade moves into a positive territory and hits TP1, traders can move the SL to break even and target the TP2 if necessary.
On the other hand, a red downward arrow signals a downtrend. So, forex traders should place a sell position with the recommended stop loss and take profit positions.
Most traders place the stop loss at SL1 and exit the position completely at TP1. However, advanced forex traders can ride the trend by moving the stops to break even and wait for the trade to hit TP2.
Conclusion
The M W pattern indicator for MT4 automatically scans for the pattern and alerts the forex trader with a trading opportunity. So, traders could focus on confirming the pattern. Though the indicator provides stop loss and take profit points, traders should use them at discretion. In fact, forex traders can download the indicator for free from the website.