Buy And Sell Indicator
Watch the testing video here:
Buy And Sell Indicator
Buy Signal
The indicator shows a green arrow, signalling that it is time to enter a long position. A screen alert pops up to ensure identifying the signal in real-time. The best part is that the indicator calculates stop loss for you. All you have to do is to fill in the order. Alternatively, you can place the stop loss just below the grey dotted line.
Where should you exit the trade? Well, you set the take profit using the 3:1 reward ratio. In other words, you can set your own profit target, say 50 pips. Also, you can wait for the indicator to post a bearish signal and exit the buy trade.
Sell Signal
Open the short position when the indicator displays a red arrow and a sell alert. The pop-up alert also displays a suitable sell stop. Also, you can use a tighter stop loss by setting it just above the dotted line. If you are unsure about setting your own take profit, simply exit when the indicator posts a buy signal.
Buy Sell Magic Indicator for MT4 is a great technical analysis tool for simple and straightforward trading.
The chart above displays a EUR/USD price movement. The red arrow at 1.2236 indicates a suitable point to enter a sell position. You can place a stop loss on the dotted red line which acts as resistance. The green arrow at 1.2165 indicates a suitable buy signal. The blue dotted line acts as support and suitable stop loss.
