JMASlope_MTF Multi Frame Indicator For MT4
Table Of Contents:
- JMASlope_MTF Multi Frame Indicator For MT4
- Some of the Major Advantages and Disadvantages of using the JMASlope_MTF Multi Frame Indicator For MT4
The JMASlope_MTF Multi Frame Indicator For MT4 is an indicator that was created primarily for the traders who would like to be able to view the traditional JMASlope indicator which is a histogram based indicator that can help the trader to track price movements, price directions, entries and exits in the markets, in the multi-timeframe mode where the trader would easily be able to see the effect of the same indicator on another timeframe without leaving the trader's current charting timeframe.
The indicator is built for the Meta Trader 4 charting platform and the traders who use this platform in their day to day charting of the different timeframes of the trader's chosen currency pairs and or trading assets, who use the charting platform to also do their technical analysis and who use it to make trading decisions actively during the trading day.
The JMASlope_MTF Multi Frame Indicator For MT4 is built for the serious trader and has signals that do not repaint and is able to keep a trader in a long term trend.
Traders who use the indicator can easily use it to derive a lot of trading insights during the trading day and also a lot of advantages as well. Some of these trading signals and advantages the trader can derive from using the indicator are outlined and listed below.
Partially Automated Trading Besides Your Day Job
Alerts In Real-Time When Divergences Occur
Some of the Major Advantages and Disadvantages of using the JMASlope_MTF Multi Frame Indicator For MT4
One of the most important advantages of using the JMASlope_MTF Multi Frame Indicator For MT4 is its ability to help a trader to identify the general direction of the trend on any timeframe that it is attached to at the moment as well as also able to help the trader to visualize another timeframe's trend direction on his or her present timeframe without the trader leaving his or her current charting timeframe.
This means the trader who uses the indicator in their day to day trading will naturally be able to tell what direction the trend is currently trending to within the trader's current timeframe and the trader will also have the convenience of being able to see exactly what direction the indicator is pointing to on any other timeframe that the trader chooses to watch on his current chart.
This is possible since normally, the indicator without the multi-timeframe feature already is able to help a trader to identify the direction that the current trend is moving towards regardless of the timeframe that the indicator is placed on.
This new version of the indicator being the multi-timeframe version then adds the support of the trader adding a second timeframe or as many as he or she likes so long as they can add several iterations of the JMASlope_MTF Multi Frame Indicator For MT4 on their trading platform and their computer processing power can carry the load.
With the aid of the added indicators that can then show the trader what the indicator signals are saying on the other timeframes, the trader is then able to use these other timeframe signals as confirmation for the signals that he or she derives from his or her current timeframe in the price.
This way, the trader might not even need to add any other indicators to help him or she confirms the current trend or before he or she takes trades in his or her current timeframe other than the signals from the other timeframes with the same indicator like on the current timeframe.
Also, the general trend direction is clear and the trader is able to take advantage of this as he or she places trades in his or her current timeframe.
Another very important advantage of using the JMASlope_MTF Multi Frame Indicator For MT4 is that it can help the trader to improve the accuracy of his or her entries by taking only signals when the signals on the trader's current timeframe align perfectly with other signals from the other timeframes.
This means that the trader would only take trades if the trend direction is the same across all of the timeframes. It is during periods like this that the best trends are formed and the trader can quickly capitalize on this by watching the signals of his current timeframe and then comparing it to that of the other timeframes that are also visible to the trader.
Once the trader then spots that the timeframes are uniform, he or she can then take trades in the direction of this uniformity.
When the trader does this, he or she would absolutely avoid taking any trades that are contrary to the uniform direction of all of the timeframes as this can easily spell disaster as the trader certainly would not want to be in a place in price where the trend is moving very strongly against him or her.
Having this in mind, the trader would also avoid the periods when the signals are not uniform and can then move through different currency pairs until he or she finds a currency pair that the signals are uniform across all of the timeframes using the JMASlope_MTF Multi Frame Indicator For MT4. if the trader then finds such a timeframe, he or she would then take trades based on this currency pair and would then avoid other currency pairs until he or she also finds another one with uniform signals.
Another important issue that traders must keep in their minds as they take trades throughout the trading day is that trading is not a sprint race and should not be treated as such or as a means for the trader to acquire quick money.
The trader must be willing and ready to prepare a strategy that enables the trader to protect himself or herself against trading losses as this strategy would then keep the trader safe in any event that the trader experiences a lot of trading losses in the trend.
The trader must also make sure that this strategy limits the percentage of his account that would be lost if the trader loses one trade to 2% or lower.
