MAMy Indicator
MT4Also Available for MT5MAMy Indicator For MT4 plots moving average-based oscillator and shows forex market support and resistance. Best indicator identifies support and resistance
Description
The MAMy indicator for MT4 calculates three different moving averages using the open price, close price and weighted average. Additionally, it calculates the same for past n period and the current period and smoothes them to provide an oscillator. The resultant oscillator displays best support and resistance. As a result, it helps forex traders identify the market support and resistance based on the oscillator.
The indicator works on all intraday price charts and the daily, weekly and monthly price charts. Additionally, it is easy for new and advanced forex traders to trade based on the support and resistance.
MAMy Indicator For MT4 Trade Setup
The indicator plots green and red lines with a ZERO line in a separate indicator window. Traders should note that this indicator does not provide forex buy and sell trading signals explicitly. However, traders should consider using this indicator to identify the support and resistance areas. The trading strategy is to plot support and resistance lines connecting the peaks above the ZERO line. Similarly, traders can identify the support by connecting the troughs below the ZERO line.
It is evident from the charts that the oscillator pretty much identifies the support and resistance. So, traders should look for any reversal signals at resistance lines above the zero line and enter sell trades. Traders can secure this position with a stop loss above the previous swing high and book profits at an opposite signal. A similar trading strategy can be used to open buy trades at support.
For best trading results, traders should consider using other technical indicators in confluence of confirmation.
Conclusion
In summary, the MAMy indicator for MT4 helps moving average based forex traders to see the markets in a different perspective.
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