Chicken Run Breakout Arrow Signal MT4

1) 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 Chicken Run Arrow Signal 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 number 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 services 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 trading psychology is highly recommended. 

2) Timeframes and Symbols

The Chicken Run Arrow Signal indicator can be used on any timeframe by itself or as part of an existing setup. However, it is mainly used as a standalone indicator to help traders jump onto higher timeframe trends. Simply gauge the overall trend on the D1 chart then take the next arrow signal after a pullback on a lower timeframe such as M15, M30, H1 or H4 in line with this direction (see screenshots below). Concerning which symbols to use, the indicator can be used with all financial instruments including Crypto, Stocks, Metals and Forex. 

3) Recommended Setups

Long Trade

1. The current time is in between 01h00 – 11h00 EST.

2. Briefly gauge with the eye and select any market on the D1 chart that has been bullish over the last 4-5 weeks (see screenshot below).

3. Then move to a lower timeframe like the M15, M30, H1 or H4 and wait for a long signal in line with D1.

4. Enter a market executed buy order immediately.

5. Set the stop loss at 3-5 pips below the last major swing level.

6. 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 in between 01h00 – 11h00 EST.

2. Briefly gauge with the eye and select any market on the D1 chart that has been bearish over the last 4-5 weeks (see screenshot below).

3. Then move to a lower timeframe like the M15, M30, H1 or H4 and wait for a short signal in line with D1.

4. Enter a market executed sell order immediately.

5. Set the stop loss at 3-5 pips above the last major swing level.

6. Set the take profit to a 1:1 or 2:1 risk/reward ratio or close the trade when the next bullish signal appears.