The Retracement Finder indicator for MT4 works great to find profitable buy/sell entry points in an existing currency trend.
The indicator gives you the ability to find the best retracements levels and then join the trend with a low risk stop loss.
The retracements buy and sell entries works as follows:
- A buy retracement point occurs when the indicator goes back above the zero level from below. You would join the buy trend at the first blue bar.
- A sell retracement point occurs when the indicator goes back below the zero level from above. You would join the sell trend at the first red bar.
Feel free to experiment with the Retracement Finder indicator’s parameters and values to suit your needs.
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Retracement Finder Forex Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Retracement Finder Forex Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the Retracement Finder MT4 Forex indicator draws a blue bar on the chart AND the overall trend is upward.
Place initial stop loss just below the most recent swing low, or use your own stop loss placement method.
Close the buy trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the buy trade for a fixed take profit target, for example, 12 pips on the 1-minute scalper chart.
Sell Trigger: Open a sell trade when the Retracement Finder MT4 Forex indicator draws a red bar on the chart AND the overall trend is downward.
Place initial stop loss just above the most recent swing high, or use your own stop loss placement method.
Close the sell trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, exit the sell trade for a fixed take profit target, for example, 25 pips on the 5-minute day trading chart.
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A period, bars, alerts, email, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- 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: Renko
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.