Platform: MetaTrader 4
Skill Level: Elementary traders
Indicator Categories: Oscillators, Currency Strength, Trading Assist
Indicator Types: Trend, Lagging
Timeframes: Multi-timeframe compatible
Trading Styles: Day trading, Intraday, Scalping
Trading Instruments: Forex, Stocks, Indices, Cryptocurrency
Functionality:
- Detects trend continuation and end of corrective movements
- Helps identify main market trend and corrective phases
Two oscillator lines:
- Blue below red → oversold zone
- Blue above red → overbought zone
Uptrend Example:
- Price in uptrend
- Blue drops below red → oversold zone
- Blue resumes upward → end of correction → buy signal
Downtrend Example:
- Price in downtrend
- Blue rises above red → overbought zone
- Blue resumes downward → end of correction → sell signal
Combines with technical analysis for optimal trade entries
Facilitates detection of trend reversals during corrections
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