Price Percent Range Indicator For MT4
Table Of Contents:
- Price Percent Range Indicator For MT4
- Parameters and readings
- Waiting for the trade signals
- Reduce the lot size
- Use of other tools
- Altering the default settings
Those who start to trade the market within knowing the details will get confused by seeing the Price Percent Range Indicator For MT4. After loading this powerful indicator in your desired chart, you will get a complex indicator window with different curves and signals. You will also get some valuable data in the price charts. But assessing the readings is not as easy as it seems with the initial look. Many people often ignore the Price Percent Range Indicator For MT4 by seeing too many variables and misses to take advantage of one of the best tools available for the traders.
Dealing with new tools is always a very challenging task. Stop thinking that trading is going to make you rich since you can use leverage. At times, tools Price Percent Range Indicator For MT4 can help you tremendously to make better decisions in real life. Before you start learning something which seems hard, you have to prepare the mindset to overcome the challenges. So, let's find out how we can use the Price Percent Range Indicator For MT4 in our trading.
Parameters and readings
The indicator displays buy and sell signals based on the price difference between the last 100 bars. So, it's very important you chose the D1 or bigger period to ensure precise data. If you analyze the reading in the 1-minute time frame, you will get less than 2 hours’ worth of data which is not enough to find a good trade. The thick curve is known as the signal curve it changes its color from blue to red, when the market is in a downtrend. Similarly, if changes its color to blue, you can expect an upward momentum in the market. Closely notice we have two prominent levels in the Price Percent Range Indicator For MT4 window and these are 23.6% and 76.4%. These levels are known as the reversal zone and if the curve changes its color after hitting these levels, you the perfect opportunity to open a new trade.
Waiting for the trade signals
You must have strong patience to use the Price Percent Range Indicator For MT4. The retail investors fail to make a profit since they become aggressive with their approach. After waiting for a few hours, they ignore the rules and start relying on emotions. Right after they have executed the trade, the market starts to go against them and eventually results in a loss. Let's see how the pro traders wait for a simple trade based on the Price Percent Range Indicator For MT4.
Figure: Using Price Percent Range Indicator For MT4
The signal curve was slowly heading towards the 23.6% mark but soon it changed its color to blue. This means, the buyers have already taken control and we might not see any bearish movement. This is a good sign since we have our 61.8% retracement zone in the D1 chart. After the price hits the 61.8% retracement zone, we need the signal curve of the Price Percent Range Indicator For MT4 near the 76.4% mark. And as our confirmation tool, we will have sell signals in the price alert box. So, assessing this requirement, you can assume the time required to find one good trade based on the Price Percent Range Indicator For MT4.
Reduce the lot size
The Price Percent Range Indicator For MT4 works as an excellent analytical tool. Learning its use properly often misguides the new traders. They get overly excited with these tools and increase the lot size to ensure maximum profit. Though they might secure some big winners, the overall consequence is really bad. After a few weeks or months, they will face heavy loss and this might cost their entire investment. Before you place any trade based on any logic or tools, you have to determine the optimum lot size. Stop trying to make big profits by taking excessive stress or risk. Play safe and remember the fact, the very next trade might result in loss.
Use of other tools
Relying on a single indicator like Price Percent Range Indicator For MT4 is not a justified action. This also decreases the win rate and makes trading hard. To eliminate this problem, smart investors always relies on other essential tools to improve the quality of their setups. For instance, Fibonacci retracement or trend line tools works as an excellent asset to find the potential signals in the trading asset. Before you start to incorporate other essential tools, you have to look at the bigger picture. Stop thinking about making stupid decisions and try to improve your strategy by learning from your mistakes. But keep in mind, you can mess up the trading charts by using too many tools or trading charts.
Altering the default settings
At times, you have to change the default settings of the Price Percent Range Indicator For MT4 to make the readings more responsive to price change. But this should be done only by experienced professionals. However, if you still want to get accurate data after heavy price change or fluctuations, you set new settings by testing it in a demo platform. But still tweaking the default settings doesn’t bring huge variations to your signals. So, the naïve or intermediate traders advised using the default settings since it works best in most of the currency pairs. And to avoid the heavy price movement, the traders are advised to keep themselves updated with the trending news. Understanding the economic news might be a hassle for the technical traders but without having this knowledge, you will never get the complete picture of this market. So, focus on your fundamental analysis skills as it makes you perfect in many ways.