Alerts on New Bar Indicator For MT4



Table Of Contents:

  1. Alerts on New Bar Indicator For MT4
  2. Some Advantages and Disadvantages of using the Alerts on New Bar Indicator For MT4

The Alerts on New Bar Indicator For MT4 is a special trading indicator built for traders who work with the Meta Trader 4 charting platform during the trading day and would like to improve their trading accuracy.

The indicator is very light-weight, simple and efficient and has only one function for the Trader using it. The indicator tells the trader using it exactly when a new bar is starting in the markets on whatever timeframe it is attached to.

This is very important to traders who need to be very accurate with their entries and exits or traders whose strategies depend on entries or exits based on a candle closing.

Traders can also use the indicator to derive several other insights during the trading day. Some of these other insights are listed below.

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Some Advantages and Disadvantages of using the Alerts on New Bar Indicator For MT4

One of the major advantages that a trader using the Alerts on New Bar Indicator For MT4 can derive from it is that it can greatly improve the accuracy of entering trades by any of the traders who apply this.

This means that traders who need to ensure the accuracy of the trades that they take especially shorter timeframe traders and even long term traders who may be preoccupied at the moment by need to know when the current Candle closes will find that using the indicator will help them to greatly fine-tune their entries, to greatly improve their profits and to enter trades exactly where they plan that they will get into the trade.

This is also very good for traders who enter orders based on market price as some of the time, if their strategy depends on making a trade once a particular candle closes, the Trader would find out that price has moved a little bit against him or her in the timeframe that he or she is trading from.

This can make the trader enter the market inaccurately or from price areas that are either above or below the actual areas where these traders need to enter the markets.

This may distort their profit potential especially if they are trading on the lower timeframes of their charts. Higher timeframe traders would also want to use this because sometimes when trading, they can easily get distracted watching price action that they forget to check and wait for the time when the market's current candle will close so that they can enter the next one.

The indicator would help them stay reminded that a new candle just opened and that they can then enter the trader they initially planned to enter.

Another very important advantage of using the Alerts on New Bar Indicator For MT4 to the traders who use it is that it can help them to perfect their exits from the markets by leaving at the most accurate time possible. This is possible especially when the trader's exit strategy already depends on the current Candle closing.

If this is so, then the Trader would need to attach the indicator to the chart that they are currently working on especially if it a smaller timeframe chart but also applicable to higher timeframe traders as well.

Applying this indicator will then help the Trader not to leave too hastily from trade as the trader can then remain in the trade and know that he or she will definitely get reminded once the current candle that the market is forming is over.

This will greatly improve the traders confidence and also improve the way they take trades based on their strategy as he or she will be more comfortable and definitely more organized to take trades knowing that both their entries and exits will be as accurate as possible since he or she will definitely get reminded once the trade is over and the current candle closes. This will greatly help to refine the trader's entries and exits.

Another added advantage of using the Alerts on New Bar Indicator For MT4 is that it is very important especially for strategies that work based on the close of the current candle.

This means that those traders who trade the markets based on when a particular signal survives till the close of the current trading candle will be able to spot exactly when these candles survive because the indicator will use alerts on the Meta Trader 4 charting platform to remind the traders that the new candle just started once they use the indicator.

This WI really go a long way to reduce the stress of trading for him or her as they will then be able to trade without having to look at the time or compare their current time with the present candle and try to spot exactly when the candle currently has closed or hasn't as doing this, they could be prone to mistakes and these mistakes could potentially lead to mishap in their trading.

The Alerts on New Bar Indicator For MT4 offers the trader both audio and visual alerts in form of screen pop-ups whenever there is a new signal or a new bar forming depending on the setting that the trader chooses.

This way, the Trader can decide that he only wants the audio alerts and doesn't need the screen pop-ups as they will automatically distract him or her from the trade they're supposed to accurately take the moment that the candle closes. Other traders might want to see the notifications also and all these can be set up from the indicator's settings.

The very important thing is that each trader is actively reminded once a candle closes and a new one opens in the markets as this is what a lot of traders need to greatly improve their trading accuracy in the markets and to ensure that they stay as optimized as possible when trading the markets every single day.

The Alerts on New Bar Indicator For MT4 can also work on any timeframe that it is attached to or any strategies that it is included in.

 

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