Three Combo Indicator For MT4



Table Of Contents:

  1. Three Combo Indicator For MT4
  2. Some of the Major Advantages and Disadvantages of using the Three Combo Indicator For MT4

The Three Combo Indicator For MT4 is an indicator that was built very specifically for the trader who uses the Meta Trader 4 charting and trading platform for making very important day to day trading decisions, for doing their technical analysis and for doing their charting of the different currency pairs and time timeframes that are available to the trader during the trading day.

The Three Combo Indicator For MT4 is very solidly built and does not repaint signals after the candle has closed on the trader's current timeframe. It is built based on the Moving Average indicators, the Relative Strength index indicator and the Average Directional Index indicator and it combines all of these trading indicators in order to make much more accurate trading decisions for the trader.

The trader who uses it can derive a lot of trading insights from it during the trading day and some of these benefits and trading insights the trader can derive are outlined and discussed extensively below as follows.

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Some of the Major Advantages and Disadvantages of using the Three Combo Indicator For MT4

One of the first major advantages of using the Three Combo Indicator For MT4 is that it can help the trader to spot very profitable entries in the markets. This means that the trader who has the indicator attached to his or her charts can very easily identify the times in his or her charts when a profitable entry opportunity exists.

This is, of course, possible since the indicator was built on three of the most powerful and useful forex indicators used by a lot of traders around the world ever built.

These three powerful indicators namely: the MA, the RSI, and the ADX all have the specific functions that they are built to carry out in the price for the trader and all of them can be used at the same time to measure the degree of momentum or strength in a particular currency pair.

These 3 popular indicators combined together help to give the trader a good picture of exactly what the market is saying at any time on the current trader's chart where the indicator is currently attached to.

Being able to identify accurate entry signals especially when the market is moving with strength is very important since it can help the trader to easily achieve a lot of trading insights and be able to make some decisions of their own. One such benefit is that the trader is able to immediately identify when there is strength in a market.

This means that since strength moves the market on any timeframe of any currency pair or trading asset, the trader can very easily identify these periods where there is a lot of strength in the markets and by doing so, the trader can then easily take full advantage of the starting trend and can very possibly ride the starting trend to profits.

This is possible since such starting trends usually start off with a little show of strength in the currency pair and since the trader is able to identify this strength in the currency pair, he or she is then able to identify when such a new trend is starting in the markets. 

Another important advantage of being able to identify the periods when a profitable signal exists in the price especially when there is new strength in the markets is so that the trader can stay away from trading in the opposite direction to the market strength and thereby be able to achieve more returns on his or her trading.

This means that once a trader is able to attach the indicator to some of the trader's charts, he or she would then be able to know exactly when a new trend is developing in any of these currency pairs or different chart timeframes. This is useful to the trader not as actual entry signals but as warning signals for those traders who often take a lot of trades across multiple currency pairs.

If the trader is able to look at the indicator, he or she will know when there is a likely new trend currently developing on one of the currency pairs and this will help him not to take any trades in that trade direction so as to avoid the market on that particular currency pair moving against him or her.

On the other hand, if the trader is already in a position that might be affected adversely by the new market trend because the trade is in the opposite direction to the new market trend, the trader would immediately know and be able to take off the trading position or positions before the price starts to go against them.

This way, once the trader spots such a new trend starts especially when they have a certain level of momentum with them, he or she would then be able to either protect some of his profits by staying away from trading the opposite direction to the direction being created by the currency pair or be able to make some extra profits by joining the trend in the new trend direction.

As the trader would then be able to make some profits in line with the general direction that the new trend is being developed in. This will prove to be extremely important to the trader once he or she begins to work with it every trading day.

The Three Combo Indicator For MT4 displays three different colors to signify one out of three things. These three colors are red, green and yellow colors. The red color is used by the trader as a signal to the times that a market is strongly trending downwards.

The green color, on the other hand, is a signal to the trader that the market on the trader's current timeframe is trending upwards strongly. Either the red color or the blue color can be both used by the trader as entry signals in either direction. The yellow color is used to identify the times when the markets do not have any momentum in them and should not be traded.

 

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