Developed by William Blau, the Check Mark Pattern Stochastic Metatrader 4 indicator is a versatile technical tool that can be used for extra confirmation of trade entries and exits.
The indicator essentially identifies the type of the next bullish or bearish candle.
The indicator appears on the chart within a sub-window and gets plotted in the likely manner as the divergence lines.
- Just to get a clearer picture of how the market is fairing, pay more attention to the way in which the line of the Check Mark Pattern Stochastic indicator is positioned above or below the zero-horizontal level.
- The formation of pattern can take place with the help of any of the ten included base indicators, which forms the foundation of the indicator’s signal system.
- The indicator does also offer users sufficient clues about the momentum in the markets.
Feel free to explore the Check Mark Pattern Stochastic Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Check Mark Pattern Stochastic Forex Indicator Chart (EUR/USD M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With Check Mark Pattern at Stochastic MT4 Indicator
Buy Signal: Go long when the dodger blue line of the Check Mark Pattern Stochastic indicator gets printed above the zero-horizontal level.
When the blue line of the Alligator indicator crosses below the lime and red lines in a bottom up fashion, it is a buy signal confirmation.
Sell Signal: Go short when the dodger blue line of the Check Mark Pattern Stochastic indicator gets printed below the zero-horizontal level.
When the blue line of the Alligator indicator crosses above the lime and red lines in a top downward manner, it is a sell signal confirmation.
Exit buy trade: Close all buy orders if while a bullish trend is running, the dodger blue line of the Check Mark Pattern Stochastic indicator falls below the 0.00 signal level. Else, exit when the lime line of the Alligator indicator intersects its red line.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dodger blue line of the Check Mark Pattern Stochastic indicator rises above the 0.00 signal level. Else, exit when the lime line of the Alligator indicator intersects its red line.
Tips: The Check Mark Pattern Stochastic MT4 Indicator is designed to allow traders gauge momentum, alongside trends.
The indicator can also serve as an early trigger for long/short entries.
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Base Indicator, first calculate period, second calculate period, third calculate period, applied price of indicator, ma calculate method, the name of indicator, index of dada buffer, amount of ind. parameters……
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Momentum
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.