Don't follow the market blindly. The True Oversold Overbought indicator (mt4/5) indicates for you when the truly oversold or overbought. Besides, it gives allows you to trade breakouts if the market is about to break or obey these levels.
Most indicators that scan for Oversold or Overbought levels have a major downfall; they keep touching and re-touching what was previously otherwise marking oversold overbought state. In this new update, we have introduced smoothing without introducing delayed signaling when the market actually reaches a true Oversold Overbought level.
Advantages
✔️It is not overly sensitive or keep touching oversold/overbought levels.
✔️Open trades early when the price is exiting overbought / oversold levels and close trades at the right time.
✔️Trade when there is noise and when the market is silent.
✔️No complex settings since the default settings work perfectly.
✔️The indicator displays on the separate window and also show rectangles on the main chart.
✔️When the overbought and oversold rectangles draw, it is time to buy if price opens above the rectangles and sell if the candle opens below.
Note: If the overbought rectangle is formed but a candle open above it, its an indication the trend will continue surging for a while before breaking below.
Similarly, the continued drop in price below the oversold rectangle indicates the price might continue in the same direction before bulls takes control.
⭐️⭐️⭐️⭐️⭐️True Oversold Overbought MT5: https://www.mql5.com/en/market/product/79336
⭐️⭐️⭐️⭐️⭐️True Oversold Overbought MT4: https://www.mql5.com/en/market/product/68396
🔥🔥🔥🔥🔥 Download other indicators: https://www.mql5.com/en/users/pipmontra/seller
Most indicators that scan for Oversold or Overbought levels have a major downfall; they keep touching and re-touching what was previously otherwise marking oversold overbought state. In this new update, we have introduced smoothing without introducing delayed signaling when the market actually reaches a true Oversold Overbought level.
Advantages
✔️It is not overly sensitive or keep touching oversold/overbought levels.
✔️Open trades early when the price is exiting overbought / oversold levels and close trades at the right time.
✔️Trade when there is noise and when the market is silent.
✔️No complex settings since the default settings work perfectly.
✔️The indicator displays on the separate window and also show rectangles on the main chart.
✔️When the overbought and oversold rectangles draw, it is time to buy if price opens above the rectangles and sell if the candle opens below.
Note: If the overbought rectangle is formed but a candle open above it, its an indication the trend will continue surging for a while before breaking below.
Similarly, the continued drop in price below the oversold rectangle indicates the price might continue in the same direction before bulls takes control.
⭐️⭐️⭐️⭐️⭐️True Oversold Overbought MT5: https://www.mql5.com/en/market/product/79336
⭐️⭐️⭐️⭐️⭐️True Oversold Overbought MT4: https://www.mql5.com/en/market/product/68396
🔥🔥🔥🔥🔥 Download other indicators: https://www.mql5.com/en/users/pipmontra/seller