Super Arrow Indicator
The Super Arrow indicator for MT4 uses multiple indicators to generate high-winning signal trades
Categories: Trend, MT4, Signal
Using signals generated by a single indicator can be risky while trading. This is because using just one indicator to trade can give more false signals. Thus, many forex traders used three or more indicators to filter out good trade setups.
However, using multiple indicators for signals can also be complicating and confusing. This is especially true when these indicators are generating contradictory signals. The Super Arrow indicator, however, provides good signals by using multiple indicators. Thus, the Super Arrow indicator for MT4 avoids the problem of indicators contradiction.
The foundation
The Super Arrow indicator for MT4 uses multiple indicators to generate high-winning signal trades. These indicators combined are the Moving Averages, Relative Strength Index, Bollinger Bands, and Magic Filter. These indicators are utilized by the Super Arrow indicator to filter out false signals as well as to generate good ones.
The diagram below shows how this indicator is displayed on the MT4 chart.
The EUR/USD H1 chart above shows the Super Arrow indicator. This indicator pops up red (sell) and the green (buy) arrows on the chart. The indicator displays a red arrow when the market is bearish and when there’s a strong sell signal. Consequently, the indicator displays a green arrow when the market is bullish and when there is a strong buy signal.
This indicator is suitable for both professional and new forex traders. New forex traders will particularly find this indicator valuable as there is no analysis required on their end. Professional traders can use this indicator in conjunction with other indicators and market analysis.
Furthermore, this indicator can be used in all time frames to spot an entry and exit the market. The indicator also works in a ranging and trending market for entry, stop-loss and take-profit placement, and for closing trades.
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