Forex The Trap Move MT4 Indicator:
About the Forex The Trap Move MT4 Indicator
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.
- 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.
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)