Its a great price action indicator that can be used to trade daily and weekly price breakouts.The indicator plots the H-L levels directly on the trading chart.The bidaskspread colors and fonts can be fully modified from the indicators inputs parameters.
In the EURUSD H1 chart shown below, the ask price is 1.08382, the bid price is 1.08372 and the. For example at 1.100, 1.1150, 1.1200, 1.1250, and so on. Why might this be a useful Forex trading indicator Some traders place a stop loss near round numbers Usually above the round number for sells and below the round number for buys. It combines the traditional Stochastic oscillator with a moving average. Signals are based on the ADX and Heiken Ashi technical indicators. Its trend following in nature and works well in trending markets. The indicator is very easy to use, in fact, you dont need to draw any trend lines at all on the chart. Buy and sell trends are easy to follow with this oscillator: A buy trend occurs when the red oscillator signal line rises. Likewise, when the trend is down, the target bands will slope down. Every time price touches the bands, the indicator will paint a signal circle on the chart. The indicator is composed of 3 Bollinger Bands: The upper red Bollinger Band The middle line The lower green Bollinger Band The low pass BB indicator paints magenta and aqua colored. Basically, you can benefit from short-term intraday breakouts that occur above or below the channel. When loaded onto MT4, a channel will appear on the open chart.
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