Intraday Arrow Signal MT4
- Indikatoren
- Donovan Kenneth Mackenzie
- Version: 1.1
- Aktualisiert: 8 September 2022
- Aktivierungen: 10
Description
Most technical indicators work well during trending conditions. However, periodically the market will suddenly shift and go sideways until the trend either resumes or starts to reverse in the opposite direction. This is where this indicator comes into its own.
It is designed to avoid as many false signals as possible, especially during choppy markets. This assists the trader to navigate through these unfavourable conditions by delivering a minimal amount of signals. This can help curb the temptation to keep adding to a trade which leads to over leveraging and ultimately that dreaded margin call.
Furthermore, this indicator can be used by traders of all levels of experience. It serves as a complete system, offering both trade entries and trade exits through on-chart arrows with matching signals. However, the use of proper risk management, market entry timing and an acceptable amount of trading psychology is highly recommended.
Timeframes
Intraday Arrow Signal Indicator can be used on any timeframe. However, it is recommended (as the name suggests) for use on the lower intraday timeframes such as M1, M5, M15, M30 or H1.
Recommended Use
Long Trade
1) The current time is between 01h00 – 11h00 EST.
2) A bullish arrow/signal appears at the close of the current candle.
3) Enter a market executed buy order immediately or enter on the bounce/touch after a pullback for a tighter entry.
4) Set the stop loss at 3-5 pips below the last major swing level.
5) Set the take profit to a 1:1 or 2:1 risk/reward ratio or close the trade when the next bearish signal appears.
Short Trade
1) The current time is between 01h00 – 11h00 EST.
2) A bearish arrow/signal appears at the close of the current candle.
3) Enter a market executed sell order immediately or enter on the bounce/touch after a pullback for a tighter entry.
4) Set the stop loss at 3-5 pips above the last major swing level.
5) Set the take profit to a 1:1 or 2:1 risk/reward ratio or close the trade when the next bullish signal appears.