The market structure low MT4 indicator connects the swing lows and highs to form a channel. Forex traders use the slope of the channel to identify the trend direction. Moreover, they can use the channel to identify potential buy and sell entry points. Additionally, the indicator plots support and resistance lines.
Features of Market Structure Low MT4 Indicator
The indicator plots red lines to connect the channel based on the swing highs and lows. Furthermore, it draws horizontal support and resistance lines in combination with the swing highs and lows. So, the support and resistance lines of this indicator act as a good reversal point.
A simple trading strategy to buy at the channel low and sell at channel high is effective to forex scalpers. However, short and long-term traders should look at the channel slope to form trend trading strategies. Another feature is the possibility to identify trend reversals using the change in slope of the channel.
So, in an uptrend traders with bullish channel traders can enter buy trades at the low of the channel and hold until the channel slope shifts to the opposite direction. A similar trading strategy works in a downtrend in a bearish channel.
Benefits of Market Structure Low MT4 Indicator
New traders benefit the most from this indicator as it shows the trend direction at a glance. A positive slope shows uptrend while a negative or downward slope is bearish. The channel structure helps the traders with a potential price range where traders can place buy and sell trades.
The main goal of the forex traders is to identify the trend direction, find best entry and exit points, identify trend reversals as early as possible. This indicator provides all the above information to the trader and enhances the result of technical analysis and trading strategies.
Indicator Settings Description
PipRange:, Porcent: Input for price range calculation.
Reviews
There are no reviews yet.