M W Pattern Indicator, Reveal Hidden Market Movements
The MT4 M W Pattern Indicator automatically looks for the candlestick pattern and provides trading signals for buying and selling currency.
- Description
- Indicator Settings
Description
With extra filters to guarantee great accuracy, the M W pattern indicator for MT4 is a sophisticated candlestick pattern scanner. Crucially, the indicator offers a comprehensive statistics dashboard without repainting. The pattern’s past trading performance are displayed on the dashboard. The indicator also offers forex trading signals with stop loss and take profit levels based on buy and sell arrows. With this indicator, forex traders may efficiently trade the bullish and bearish trading indications of the M and W patterns.
This indicator’s arrow trading indications are easy to understand and ideal for novice forex traders. The facts, however, can be used by experienced forex traders to refine the M and W patterns. Additionally, automated trading systems can incorporate the indicator.
For MT4 Trading Signals, the M W Pattern Indicator
The M W pattern indicator for MT4 is displayed in action in the GBPUSD H1 candlestick price chart above. The indicator displays red arrows for bearish trading indications and blue arrows for bullish ones. The accuracy 1, or the proportion of times the trade hits take profit 1 before the stop loss is hit, is also displayed on the dashboard. Similarly, precision means that the second take profit is hit before the stop loss. Additionally, the percentage of times the trade hits take profit 1 is indicated by the dashboard’s positive 1. The same thing is meant by the positive 2, but it applies to take profit 2.
A possible bullish advance is indicated if the indicator plots a blue ascending arrow. Forex traders should therefore enter the market with a buy trade, set a take profit and TP1 at the same time, and set a stop loss at SL1. Traders can, however, adjust the SL to break even and, if need, aim the TP2 once the trade enters positive territory and reaches TP1.
Conversely, a downtrend is indicated by a red downward arrow. Therefore, forex traders should take profit positions and sell positions with the suggested stop loss.
The majority of traders close their positions entirely at TP1 and set their stop loss at SL1. However, by adjusting the stops to break even and waiting for the transaction to hit TP2, experienced forex traders can capitalize on the trend.
Conclusion
The forex trader is notified of a trading opportunity when the M W pattern indicator for MT4 automatically searches for the pattern. Traders could thus concentrate on validating the pattern. Traders should use the stop loss and take profit points provided by the indicator sparingly. The indicator is actually available for free download from the website for FX traders.
Pattern History: Number of historical bars the indicator scans to detect patterns.
Pattern Amplitude: Higher values reduce signals for cleaner results; lower values increase signals but may include noise.
Show_Dashboard: Enables or disables the display of pattern statistics.
symbol_prefix: Broker-specific symbol prefix, if applicable.
Bullish_Pattern: Color used to highlight bullish patterns.
Bearish_Pattern: Color used to highlight bearish patterns.
PopUp_Alert: Enables popup message alerts.
Phone_Notification: Sends alerts to a mobile device.
Email_Notification: Sends alert notifications via email.
