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It can be dangerous to trade with signals produced by a single forex indicator. There may be more false signals when trading with just one mt4 indicator. As a result, to weed out solid trade setups, many forex traders used three or more indicators.
However, it can also be difficult and confusing to use many indicators for signaling. This is particularly true when these indicators are producing messages that are in conflict. However, the Super Arrow indicator uses a number of indications to produce accurate signals. The issue of indicator contradiction is thus avoided by the MT4 Super Arrow indication.
The Foundation
For MT4, the Super Arrow indicator combines several indicators to provide highly profitable signal trades. The Moving Averages, Relative Strength Index, Bollinger Bands, and Magic Filter are some examples of these indicators. These indicators are used by the Super Arrow indicator to weed out bad signals and produce positive ones.
This indicator’s appearance on the MT4 chart is depicted in the diagram below.
The Super Arrow signal can be seen on the above EUR/USD H1 chart. The red (sell) and green (buy) arrows for this indicator can be seen on the chart. When there is a strong sell signal and the market is bearish, the indicator shows a red color arrow. As a result, the indicator displays a green arrow during bullish market conditions and strong purchase signals.
This indicator is appropriate for both experienced and inexperienced forex traders. The biggest benefit of this indicator for new forex traders is that it doesn’t require any analysis. On the other hand, knowledgeable traders can combine this signal with other indicators and market research.
Additionally, this indication can be utilized in all time frames to identify market entries and exits. The indicator can be used to open, put stops, take profits, and close trades in both range and trending markets.
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Super Arrow Indicator Settings
The Super Arrow mt4 indicator has the following parameters in the MT4 settings.
Fast Moving Average: The period of the fast Moving Average.
Slow Moving Average: The period of the slow Moving Average.
RSI period: The period of the Relative Strength Index (RSI)
Magic Filter period: The period of the magic filter.
Bollinger Bands period: The period of the Bollinger Bands.
Bollinger Bands shift: The shift of the Bollinger Bands.
Bollinger bands deviation: The deviation of the Bollinger Bands.
Bulls Power period: The period of the Bull Power.
Bears Power period: The period of Bear Power.
Alerts: Show indicator alert.
Utest up: display Utest up.
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 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
How to use
As previously stated, the Super Arrow indication performs well across the board. The USD/CAD H4 chart below provides an illustration of how this indicator may be applied in a trending market.
When this indicator paints a green arrow in the lower trendline of the descending channel, it is suggested to buy in a trending market. When the indicator depicts a red arrow or when the price exceeds the upper trendline of the descending channel, it is advisable to close the purchase position.
As a result, it is wise to start a short position when this indicator draws a red arrow on the ascending channel’s upper trendline. When the indicator displays a green arrow, however, or when the price approaches the lower trendline of the descending channel, it is recommended that the sell position be closed.
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