The Entry Signal MetaTrader indicator provides three different types of market trend. Most MT4 trend indicators provide bullish or bearish signals and may not indicate weak or neutral trend conditions. However, this indicator shows buy, sell and neutral price trend. As a result, forex traders will be able to make better decisions to enter and exit the market profitably. Additionally, it provides bullish and bearish forex arrow trading signals with alerts.
Features of Entry Signal MT4 Indicator
The indicator changes the candlestick color to blue in a bullish market condition and red in a bearish market condition. However during a neutral trend condition it leaves the candle color unchanged. Additionally, it plots a blue up arrow in a bullish trend and red down arrow in a bearish trend.
Traders can enter the markets upon a blue arrow with a stop loss below the previous swing low. However, traders can hold the positions until an opposite arrow appears or if the trend changes to neutral condition. Alternately, traders can open sell positions upon a red down arrow and follow the above stop loss and take profit strategy.
Benefits of Entry Signal MT4 Indicator
The main benefit of the indicator is the ability to identify and separate the neutral trend condition from the bullish and bearish ones. The shift to a neutral condition helps forex traders to re asses the market condition. It helps in deciding to exit an existing trade or to add multiple positions after a lull in the trend.
The indicator works on all chart time frames and is beneficial for new and advanced forex traders. Moreover, traders can use the indicator to create auto trading strategies or use it for additional confirmation of trading signals of other indicators.
Indicator Settings Description
UseSound:, SoundFile: Enables sound alert.
SendMailPossible: Enables mail alert.
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