PraNik EA arrow only MT4

Simple arrow with alert on chart. This is NOT an entry indicator but a direction indicator. It uses MACD signal line to show you possible future direction of a trend. Please use it with other filters or confirmations to trade properly. Recommended for scalping and short term trades.

Made for EURUSD M5 but it should work on every major pair on M5 timeframe.

For MT5 version please go here!

*If you need a fully automated trading system. Please check this EA here!

FEATURES:

  • Very simple directional indicator EA
  • Works in every market condition
  • NOT an entry indicator but you can use it like one!

WHAT IT MEANS?

  • UP ARROW on chart = wait for any pullback down and confirmation to enter a BUY trade
  • DOWN ARROW on chart = wait for any retracement up and confirmation to enter a SELL trade
  • Multiple UP ARROWS on chart = MACD signal triggered multiple times in BUY direction only i.e. upcoming trend should be longer BULL
  • Multiple DOWN ARROWS on chart = MACD signal triggered multiple times in SELL direction only i.e. upcoming trend should be longer BEAR

RECOMMENDATION:

  • Please back test it first on a pair, try to find how much space it gives you most of the time for stop loss and take profit (at least TP!). Always expect only that much when trading the particular pair.
  • Recommended for scalping and short term trades only.


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