Strength Indicator For MT4



Table Of Contents:

  1. Strength Indicator For MT4
  2. Parameters of the Strength Indicator For MT4
  3. Some of the Advantages of Using the Strength Indicator For MT4
  4. Some of the Disadvantages of using the Strength Indicator For MT4

The Strength Indicator For MT4 is an indicator that is built from a version of the Moving Average indicator, the Moving Average Convergence Divergence (MACD) indicator, and the Stochastic indicator. The Strength Indicator For MT4 can help the trader to identify the direction of the trend and entry opportunities.

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Parameters of the Strength Indicator For MT4

MA_Power: This a user-adjustable boolean parameter that is used to turn the Moving Average function On or Off. This is done in case a user prefers the indicator to compute signals without the Moving Average indicator.
MACD_Power: The MACD_Power function can be used by the trader to turn the Moving Average Convergence Divergence indicator function On or Off depending on the user's preference. 
Stochastic_Power: This function turns the Stochastic function either On or Off allowing the indicator compute signals with or without it. It is also user-adjustable.
MA_Fast: The MA_Fast function is used to set the faster Moving Average indicator.
MA_Slow: The MA_SLow is used to set the slower MA indicator.
MACD_Fast: This function is used to set and adjust the variables for the faster Moving Average Convergence Divergence indicator
MACD_Slow: This function is used to set and adjust the variables for the slower MACD indicator.
MACD_Signal: This function can be used to set what variables for the main MACD used for trading signals would be.
Sto_k: This parameter sets the value of the main signal line of the Stochastic oscillator.
Sto_D: This parameter is used to set the Moving Average value of the Sto_k value.
Sto_Slowing: The Sto_Slowing is used to control how sensitive the Stochastic Oscillator is to the price. This would determine the frequency of the signals the indicator can give the trader.
Back_Bars: This is used to set the number of bars the indicator needs to look at in order to compute and print trading signals.
Set_Levels: This is used to control whether or not the subwindow that the indicator is placed in is marked into levels.

Some of the Advantages of Using the Strength Indicator For MT4

The Strength Indicator For MT4 can help the trader identifying the direction the trend.

This implies that the trader who has the Strength Indicator For Meta Trader 4 Charting Platform attached to his or her trading charts would be able to know where the price is currently headed on his or her current chart in whatever currency pair or trading asset it is applied to.

The Strength Indicator For MT4 prints bars in an indicator subwindow on the chart that allows the trader to identify whether the price is trending upwards or trending downwards and the exact time it is doing so or has done so in the past.

This is important because it can help a trader to stay in a trade confidently since he or she knows that once the trend direction changes, the indicator would show it.

Also, if the trader is able to identify what the current direction of the price is on whatever timeframe of the currency pair and or trading asset that he or she is working on, he or she would then be able to pick trade setups that are always in the direction of the current market trend.

Another important advantage of using the Strength Indicator For Meta Trader 4 is that it can help the trader to spot precise entry opportunities on whatever trading chart the trader is watching.

This means that the trader who has the Strength Indicator For Meta Trader 4 Charting Platform attached to his or her charts would be able to spot when there are opportunities for the trader to get into trades profitably. The reason for this is that the indicator's signal histogram bars cross above the middle level of the indicator to indicate a buy and below this middle line to indicate a sell.

Another very important advantage of using the Strength Indicator For Meta Trader 4 is that it can help the trader to spot when there are divergence trading opportunities in the price of any instrument.

This means the trader who has the indicator attached to his or her charts would be able to identify the periods in the price when there is a difference between the way that the indicator moves and the way the price moves.

Usually, the indicator's histogram bars and the price always tend to move in the same way during the trading day. Hence, when the price is moving up, the indicator also creates histogram bars that are moving in the upward direction and when the price is moving down, the indicator also creates histogram bars that are in the downward direction.

In this same way, when the price puts in a higher high, the signal bars that are produces by the indicator also reflect that the price produced a higher high by printing bars that are higher than the previous bars and the same thing goes for when the price makes lower lows.

Hence, when the trader spots that the price is making a higher high but the indicator is making a higher low, the trader can look for buying setups and when the price is making a lower low but the indicator is making a higher low, the trader can look for selling setups.

 

Some of the Disadvantages of using the Strength Indicator For MT4

One of the disadvantages of using the Strength Indicator For Meta Trader 4 Charting Platform is that it can repaint when the current candle has not closed. A way for the trader to solve this would be for the trader to wait for the current candle to close before the trader enters any trade signal he or she gets from the indicator.

Another disadvantage of using the Strength Indicator For Meta Trader 4 Charting Platform is it can get the trader into trades a bit later than other indicators would. This is, however, adjustable from the input settings and is a price the trader must pay for more reliable signals.

 

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