Forex The Trap Move MT4 Indicator

Forex The Trap Move MT4 Indicator:

About the Forex The Trap Move MT4 Indicator

Introduction

The Trap Move or what’s also called a Bullish/Bearish failure have one of the highest win rates in technical analysis.

They occur when a new high or low is formed which is then immediately violated – forming a Trap Move. Trap Moves are often followed by a Waterfall Event making this a Low Risk/High Reward Pattern.

  • Bull Traps are formed when the very reason for everyone buying is instantly stripped, causing price to decline.
  • Bear Traps are formed when everyones reason for selling is immediately taken away, causing price to increase.
  • Risk Level is determined by the Trap Move itself and is the same size of the bar that made the new high/low.
Note: The Expert Advisor of this indicator can be found here: The Trap Play

Parameters

  • Trap Type: CLOSEMODE/BREAKMODE/BOTHMODE***
  • Time Filter: 50
  • Bull Trap Color: Gold
  • Bear Trap Color: Gold
  • Text Color: White
  • Text Font Size: 6
  • Pop-Up Alert: True/False
  • Notification Alert: True/False
  • Email Alert: True/False

***CLOSEMODE: Price need to CLOSE above/below the new high/low to qualify a Trap Move. BREAKMODE: Price only need to BREAK above/below the new high/low to qualify a Trap Move. BOTHMODE: Show both CLOSEMODE and BREAKMODE on chart.

Test results:

Forex The Trap Move MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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