DayRange Fx Band indicator for MetaTrader4 platform
A fascinating tool for Your manual trading
This is a very nice tool for both, trend and range traders. Use this great indicator as an entry point of Your trades or easily set your TakeProfits and StopLosses on a daily basis!
The DayRange Fx Band Indicator sets the possible points of reverse/exhaustion of a daily trend (during the trending market) and a range band (during the ranging market). It is based on the ATR and other similar mechanisms and it dynamicaly adapts to the current market development. Its main features are:
- Three lines; green line working as a daily support, red line working as a daily resistance and orange line calculated as their middle
- After the market opening, the lines adapt to the market movements. If the price goes down, so does the red line to keep the daily price range constant, and vice versa if the price goes above the opening price, the green line moves upwards
- Use the lines as an entry point for your trades (sell at the red line level and buy at the green line level) or use the lines as a TakeProfit/StopLoss levels of Your trades
- If used as an entry point, we recommend setting the StopLoss and TakeProfit in a 1:1 ratio of a size of 1/2 or 1/3 of a daily range (the difference between red and green line). At the end of a day, you can always decide whether to close the trades or to keep them into the following day. We recommend closing the trade if in profit and if in loss, it depends on the current market conditions, however you should never change the initial StopLoss level.
- this indicator is really great if used with discipline.
Our DayRange Fx Band indicator can be used on a trending and ranging market as well! Lets have a look at the example pictures...
On the first picture (above) You can see the EUR/USD market. During the 17 - 24 January period the market is ranging and You can easily use our indicator for about 6 profitable trades as the market goes from red line to green line and back continuously. From 25 January onwards, the market starts the uptrend, again, If you open a sell trade when the price touches the red line, You always end up the day at least with 0 as the trend exhaustes when price touches the red line.
On the second picture (bellow) You can see a strong breakout from the ranging market above the red line on January 10 and if the StopLoss is set properly, Your maximum loss will be given by 1/2 or 1/3 of a daily range. In all other cases, you will end up in a profit at the end of the day.
The item will be e-mailed within 24 hours after receiving the payment.
Can be Yours for just 4.90 USD
|Let your account balance rise with our revolutionary fully automated expert advisors for MT4 platform..|
Trade Copy Service
|Follow the trades of our professional trading team or even copy our trades on Your MT4 account.|