The 3 bars High/Low Forex signals Metatrader 4 indicator is an accurate trend indicator that smoothens out noise from price data.
Both short and long term currency traders will find this indicator extremely useful, based on its ability to filter out noise from price data.
This will result in less false buy and sell signals, thus more profit!
The line of 3 Bars High Low Indicator is segmented into three colors (lime, yellow & orange-red).
The yellow segment of the 3 Bars High Low Indicator for MT4 indicator line denotes sessions in the market when uncertainty looms.
While the other colors i.e. lime and orange-red, strictly typifies changes in buy and sell market trends.
The indicator is mostly made up of the CCI and ATR indicator, making it the best of both worlds.
Here’s how you can buy and sell from the 3 Bars High Low Indicator forex indicator:
- Lime line of the 3 Bars High Low Indicator stays slightly below the price bars on the chart window for a buy trend.
- Orange-red line of the 3 Bars High Low Indicator stays slightly above the price bars on the chart window for a sell trend.
Tip: In most cases, merging a Relative Vigor Index MT4 indicator with the 3 Bars High Low Indicator produces a largely profitable system for medium, short- and long-term trading.
In this case:
- A buy trend takes place when the lines of the RVI oscillator breaks above the zero-horizontal level, while the line of the 3 Bars High Low Indicator turns lime, running fairly below the price bars.
- A sell trend takes place when the lines of the RVI oscillator breaks below the zero-horizontal level, while the line of the 3 Bars High Low Indicator turns orange-red, running fairly above the price bars.
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3 Bars High Low Forex Signals Indicator Chart
Below is an example of how the indicator should appear when added onto the Metatrader 4 chart.
Traders are free to adapt this indicator on a cross section of forex pairs and timeframes of their preference.
Finding Buy and Sell Triggers With 3 Bars High Low Forex Signals Indicator
Below is an example of how to buy and sell forex pairs with this technical indicator:
Buy Trigger: Open buy trade order when the color of the indicator line turns lime and stays fairly below the price bars on the chart window.
Place stop loss below most the most recent swing low level.
Close the buy trade for a reward to risk 2.0:1/3.0:1/4.0:1 ratio or better, or use your own preferred take profit method.
Alternatively, close the buy trade for a fixed take profit target of for example 25 pips on the M5 chart.
Sell Trigger: Open sell trade order when the color of the indicator line turns orange-red and stays fairly above the price bars on the chart window.
Place stop loss above most recent swing high level.
Close the sell trade for a reward to risk 2.0:1/3.0:1/4.0:1 ratio or better, or use your own preferred take profit method.
Alternatively, close the sell trade for a fixed take profit target of for example 75 pips on the H1 chart.
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BarsHistory, period CCI, Period ATR, alert, email, fractals
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (Relative Vigor Index, RSI, MACD…)
- Trend indicators (ADX, Bollinger Bands, EMA,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: trend
Copy and paste the indicator in the MT4 indicators data folder (click on ‘File > Open Data Folder’).
Right click within the MT4 terminal Navigator window to refresh or restart the terminal and add the indicator to any chart.