Forex Turning Point Ticks MT4 Indicator:
About the Forex Turning Point Ticks MT4 Indicator
This indicator can be used on all time frames and pairs.
The algorithm used in this indicator combines volumes and levels to determine where the price is most likely to make a turning point.
Features alert function.
Parameter TrendPeriod for the user to change.
How to use:
Simply attach to any chart.
See comments #13#21.
For those using SR Channel, please have a look at comment #28.
Look to the extreme zones (comment #21) and follow the color ticks of the indicator to confirm its turning point.
When the price/ticks reaches the upper or lower extreme of the indicator window, the price is most likely reaching its turning point, and you should look for trades in the opposite direction.
Make sure the current time frame and higher time frames align to these zones before attempting new trades, or use as you see fit for your strategy.
The indicator is shown in a separate indicator window and ticks off the movement of the price.
Blue ticks = Buy trade
Red ticks = Sell trade
Best results on Major Pairs, but can also be used on other pairs.
Important to note:
- Please do not use this indicator haphazardly, but combine it into your strategy.
- Don’t risk money you cannot afford to lose.
- You use this indicator at your own risk. Please apply money management wisely.
- Always test your strategy on a demo account before using a new indicator on a live account.
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)