Pretty T3 Indicator For MT4
Table Of Contents:
- Pretty T3 Indicator For MT4
- Parameters of the Pretty T3 Indicator For MT4
- Some of the Advantages of Using the Pretty T3 Indicator For MT4
- Some of the Disadvantages and Limitations of using the Pretty T3 Indicator For MT4
The Pretty T3 Indicator For MT4 an indicator that is built based on the Moving Average indicator and the price action. The indicator colors the price bars differently depending on the current price direction to help the trader visually identify the price direction on any currency pair or trading asset the trader attaches it to.
Parameters of the Pretty T3 Indicator For MT4
T3Period: The trader would be able to either increase the Pretty T3 Indicator For MT4's sensitivity to the price or reduce it by either increasing or reducing the value of this parameter respectively.
T3Amp: This is another support parameter to adjust the price sensitivity of the indicator.
AppliedPrice: This parameter is used to determine how the Moving Average of the Pretty T3 Indicator For MT4 calculates trading signals. This could be based on the Close, Open, High, Low, Median, Typical, or Weighted.
PriceShift: The trader can use this parameter to either shift the value of the Pretty T3 Indicator For MT4 forward or backward.
MaxBars: This parameter determines the number of bars the Pretty T3 Indicator For MT4 would analyze and prints over on the chart it is attached to.
RGBMode: The RGBMode is a boolean function that lets the trader control whether the Pretty T3 Indicator For MT4 colors the price bars or not.
Some of the Advantages of Using the Pretty T3 Indicator For MT4
An important advantage of using the Pretty T3 Indicator For MT4 is that it can help the trader to identify the correct direction of the trend is on his or her current chart on the Meta Trader 4 platform.
This means that the trader that has the Pretty T3 Indicator For MT4 attached to his or her trading charts would be able to understand when the direction of the price has changed on his or her present charts.
The trader would also be able to identify what the previous direction of the currency pair or trading asset was and exactly what the new direction is as the market develops.
Being able to identify the current direction can help the trader to understand the exact direction he or she should actively align all of his or her trades in the market is. This implies that the trader would be able to know whether he or she should either be buying a particular currency pair or selling that currency pair simply by applying the indicator to his or her trading charts.
When the trader attaches the Pretty T3 Indicator For MT4 to his or her trading charts, the indicator draws a moving average and colors the chart to indicate the predominant direction of the price at that particular time. The trader can use this as the correct direction to make trades at that time.
The ability of a trader to be able to identify the direction correctly and place trades in it can help the trader to avoid the huge losses that often arise as a result of the trader placing trades in the wrong direction of the market.
This means that the trader using the Pretty T3 Indicator For MT4 would be able to avoid having the price move strongly against his or her trading positions during the trading day because he or she would be able to ensure that all of his or her trades in the correct direction of the market as indicated by the indicator.
In order to fully understand why the price moves very strongly against wrongly placed positions, it is important to understand how the market moves. The price tends to move in trends and so, it is either the price is actively moving or trending upwards or downwards.
These price trends are also comprised of much smaller trends that move exactly the same way as the larger trends due to the fractal nature of the markets.
If a trader observes carefully, he or she can easily see that the smaller trends that are moving in the direction of the larger trends tend to move a lot larger and faster than the smaller trends that are not in the same direction as the larger trend.
Hence, if the trader does not ensure he or she always uses an indicator like the Pretty T3 Indicator For MT4 to pick the correct price direction, he or she could easily run the risk of having the price move very strongly against his or her trading position or positions.
An important advise to traders who often find that their trades end up on the wrong side is that they need to immediately exit such trading positions with a small loss as this would then help them, in the long run, to stay alive compared to letting such trades to run with the hope that the price may later reverse.
Some of the Disadvantages and Limitations of using the Pretty T3 Indicator For MT4
One major disadvantage that the Pretty T3 Indicator For MT4 has is that it tends to give off a lot of conflicting signals. This means that certain times, the signal line of the indicator would clearly tell a trader that the predominant direction is upwards while it prints downward signals in-between. This can be particularly very confusing especially for beginner traders.
Another disadvantage of using the Pretty T3 Indicator For MT4 is that it is very CPU intensive. This means that the indicator has high computing requirements. Hence, the trader using it might want to ensure that he or she has a computer with good processing power as the indicator tends to lag the Meta Trader 4 platform on slower systems.
Also, it is important that the trader who intends to use the indicator ensures that the candles have closed before he or she takes any signals from the indicator. This is primarily because the signals from the Pretty T3 Indicator For MT4 might change if the price moves significantly before the candle closes. Once the candle has closed, the indicator will not change the signals that have already been printed.