Three Line Strike Indicator
MT4The Three Line Strike Indicator shows red and green arrows on the chart to guide market bias.
Description
The Three Line Strike Indicator comes with green and red arrows that determine the potential bias of the market. The red arrow shows a sell bias, while the green arrow shows a buying potential.
The indicator is very simple and does not need further interpretation. As simple as buying on the green arrow and selling on the red arrow.
You can use the tool at any timeframe. However, the probability increases when used on higher timeframes.
How to use the Three Line Strike Indicator for MT4?
The above 4-hour GBPUSD chart shows the BUY/SELL signals of the indicator.
The Three Line Strike is based on the candlestick pattern. It shows a buy signal when the bullish candle closes after three consecutive bearish candles. Similarly, if a bearish candle appears after three consecutive bullish candles, it gives a sell signal.
Since the indicator has no setting for stop-loss or take-profit, you may need to use it with any oscillator or a trend indicator to mark your entry.
However, you can use the swing low and swing high for your stop-loss and horizontal levels for the take-profit.
Conclusion
The Three Line Strike Indicator for MT4 is a trend indicator based on candlesticks. You can use it on any timeframe with improved accuracy on the higher timeframes. You can combine it with any other indicator to increase your odds of success.
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