Head&Shoulders Visual Indicator
Head&shoulders indicator for MT4 scans the charts automatically and provides BUY and SELL forex trading signals.Free to download and install.
Description
The Head&Shoulders Visual indicator for MT4 automatically scans the chart for head and shoulders candlestick patterns. Obviously, the scanner shows the Symbol, Timeframe, Direction, Pattern Name, Age, and Chart time frame in which the head and shoulders pattern is identified.
Furthermore, the scanner displays the inverted head and shoulders pattern also. So, forex traders can BUY or SELL based on the head and shoulders candlestick pattern. Additionally, the indicator also scans and plots emerging head and shoulders patterns. So, forex traders can follow the pattern and prepare technical trading strategies in advance.
The indicator is well suited for new and advanced forex traders. It can be applied to all intraday chart time frames and the daily, weekly, and monthly charts.
Head&Shoulders Indicator For MT4 Trading Setup
The above USDCAD daily price chart shows the H&S scanner indicator for MT4 in action. The indicator shows the Bullish and Bearish patterns in GREEN and RED color respectively.
The Head&Shoulder pattern is a Bearish candlestick pattern. So, forex traders can SELL once the price breaks below the neckline with a stop loss above the head. However, the best take profit point is twice the size of the pattern from the neckline to the head.
Similarly, the Reverse Head and shoulders pattern is a Bullish candlestick pattern. So, traders can enter the market with a BUY position once the neckline breakout happens to the upside. The best stop loss point is below the head, while the take profit is double to size of the pattern from neckline to head.
Conclusion
Indeed, the Head&Shoulder scanner indicator for MT4 helps the forex candlestick pattern trader by automatically scanning the charts. This helps the trader to focus on trading the pattern than spending time to identify and locate the pattern. Additionally, this indicator is free to download and easy to install.