Indicator 4 in 1
Charting Indicators and Template for your Metatrader 4 platform. Includes: Currency Heat Map, Trend direction, Previous daily high/low, automatic money management measurement
This will help you to identify trade entry and exit levels for all time frame charts and all currency pairs.
1. Currency Heat Map
The objective of the Currency Heat Map is to provide a graphical presentation on the relative strengths of major currencies relative to others. For example, one could see EUR/USD rising and jumps into conclusion on the strength on Euro. But in fact, the strength in EUR/USD could merely be due to weakness in Dollar rather than strength in Euro. It could happen that Euro may instead fall against Sterling, Swiss Franc and Yen. In such case, the EUR/USD may not a good choice to buy on Dollar weakness. Another point to note is that while a currency pair is rising or falling, it may just be part of a move inside a consolidation pattern. Hence, it’s important to note whether the currency pair is trading inside or outside the prior bar’s range to determine if it’s really trending with respective to the concerned time frame.
How to read the table:
Always read vertically, so in this example if you are looking the 5. vertical row CHF you can see everything green so this means that CHF is the weakest currency. 6. vertical raw shows CAD, where everything is red so this means that CAD is the strongest currency and also NZD is strong. This indicator will help you to not trade 2 weakest currencies with each other like EUR/CHF or 2 strongest currencies like NZD/CAD but rather trade EUR/CAD or NZD/CHF.
2. Trend Direction
Trend direction will show you how much does one currency appreciate or depreciate agains the other currency in percentages. It will also show you if the currency pair is in range/consolidation.
3. Previous Daily High/Low
Depends on levels from previous day you will be able to set stop losses and profit targets. The Elite strategy which we teach in Elite course is based on previous daily high/low.
4. Automatic Money Management Measurement
With automatic money management measurement you will be able to set targets and stop losses perfectly because it calculate the spread and value of one pip for every pair. That is one of the best indicator for strict money management and everything is automatic, you just set how big risk you want to have on every open trade.
* Custom indicator is valid for 1 month and after that time it is up to you if you would like to extend your payment or not.