This is MT4’s Strength Resistance Breakout Arrow indicator and is vital for forex day traders using breakout trading strategies. The indicator combines fractals, CCI and RSI to provide the most reliable sell and buy indicators for traders in the forex market. In addition, the indicator automatically draws important Sup&Res levels. Traders can use these support and resistance lines to increase their positions in the course of important trends. metatrader 4 indicator does not change the color of signal arrows, nor does it change resistance and support lines.
Support Resistance Breakout Arrow Indicator Trading Signals
Metatrader 4’s Support Resistance Breakout Arrow Indicator. It shows support and resistance levels as well as arrows for trading signals. The indicator shows a buy signal in blue and a sell signal with a magenta arrow. In addition, support levels are shown in blue and resistance levels are shown in red.
Forex traders can buy on the blue signal. However, in an uptrend it is possible to see more than one buy signal. A trader can buy at each signal and then close all positions when the signal is reversed. However sell traders are able to buy positions as soon as the Majestic color arrow is displayed.
The indicator is not based on pivots. However, it does show the most effective Sup&Res zones and lines based on fractals, CCI and RSI. Traders can use the indicator’s settings to filter signals based on CCI levels as well as RSI overbought and sold levels.
The main benefit for new Forex traders is the automatic detection of strong overbought levels. In addition, the indicator operates in all time frames, making it ideal for traders who trade intraday. However, long-term traders can trade on daily, H4 and weekly timeframes. Another important aspect is that it does not require redrawing. For advanced Forex traders, resistance and support lines can be used to increase the number of positions in the direction of the trend. In addition, they can incorporate signals into complex trading strategies by using multiple time frames (MTFs).
To summarize, it is clear that MT4’s Support Resistance Breakout Arrow indicator is a great tool for automatically identifying Sup&Res levels. In addition, the ability to filter signals using CCI and RSI helps traders stay in the direction of the current trend. However, combining signals from trading and Sup&Res breakouts with price action can produce stable and profitable results. Moreover, the indicator is available for free download and can be easily installed in Metatrader 4.