How to Use the Script

Using the weekly pivot script is pretty much straightforward. You only need to check the resistance, support, and pivot points marked by lines and trade accordingly. Put differently, if the script hits the resistance level from below, you should be ready for a downward reversal. Similarly, price action could reverse and resume an upwards trend after hitting the support level.

Trading Example

The script shows resistance and support levels on a daily timeframe. You only want to wait for the trade to hit these levels and post a reversal signal. For instance, the euro against the dollar is around the weekly pivot. The script has also posted a Doji. Clearly, the market is has retraced downwards from the developing uptrend. You should therefore be ready to enter a long position when the market resumes the uptrend.

Conclusion

The weekly pivot script is a top tool for identifying and trading suitable points of interest in the market. Essentially, you should seek to identify reversal and support levels. Once you identify the level, wait for the price action to hit the levels and post a reversal signal, such as a morning star or a Doji. Enter the trade in the initial trend direction.

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How It Works

Ideally, you want to start by installing a script. This involves installing the script file in the script folder under the MQL4 folders and running the script in the navigator window. Once you run the script, it deletes all the objects running in the chart.

The Script in Use

Let’s take a Previous High Low and Pattern indicators as an example. However, once you are done with using the indicator, you will want to delete the indicator to use another tool or view the naked price action. The indicator has about 30 objects. If you decide to delete each object one by one, it means waiting time which you would otherwise use to analyze. Worse still, you can miss suitable trading opportunities as you do the mundane work of deleting all indicator objects. Luckily, running the script deletes all objects at once.

You can modify the script by right-clicking it in the navigator window. Also, you can set the hotkeys for easy execution. This means you only have to hit a combination of keys to run the script, and viol, all objects on the chart are gone!

Conclusion

Technical trading might involve using a dozen of indicators. By running the script, you can easily delete objects on the chart after using the mt4 indicator. Delete All Object script is designed to make your trading a breeze. Don’t take our word for it. Try it out today.

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How to Trade Using the Balance of Market Power Nrp Alerts Indicator

The indicator alerts you when the balance of power shifts between buyers and sellers. Using the indicators is relatively easy. You only want to identify the color and the direction of the indicator.

• Buy when the indicator changes color to deep sky blue and moves upwards.
• Enter a short position when the indicator moves downward and changes color to pale violet red.

Conclusion

The balance of power NRP alerts indicator is designed to give you an easy time determining whether the bulls or bears are in control. You simply trade with the direction of the market.

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Essentially, the line charts determine prices by the market rather than by arbitrary rules. They tend to ignore time and move according to the closing price. A reversal occurs when the closing line exceeds the highest high or lowest low of the previous lines, typically three lines.

The indicator also posts a sequence frequency histogram showing the distribution of the sequential lows and highs generated over several direction changes. This will help you determine whether the dominant pattern is sequent highs or lows.

You can use the indicator to trade any instrument in any time frame. The indicator works well for short and long-term trading strategies. This means that you can trade the indicator in any time frame.

How To Use Line Break Chart MT4 to Trade

Typically, trading the line break chart involves using three lines. This means that a reversal occurs when a line surpasses the low or high of the previous lines.

Buy Signal

Buy when a green line surpasses the highs of the previous three lines. That is a telltale sign that the price action is reversing upwards.

Sell Signal

Sell when a redline surpasses the lows of the previous three lines. This signifies the price action is reversing, and the downtrend will dominate the market.

Line Break Chart MT4 Trading Example

The chart shows the GBP/USD price action. An extensive bearish red line appears after the three bullish green lines. In this case, the three diminutive green lines could signify a bullish trend. However, the red line closes below the close of the three bullish green lines. This is an indication of a downward reversal. You should therefore get ready to open a short position. The price reverses and enters into a strong downtrend.

Conclusion

The Line Break Chart MT4 is a brilliant tool for trading with the break line strategy. You just want to wait for a line to break below or above the low or high of previous lines, typically three lines. You should try it, shouldn’t you?

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The Ej candle time is a great addition to your trading strategy to keep track of the time. It shows how much time remains before the close of the session. The indicator helps scalpers know how much remains on small time frame candles, like five minutes and fifteen minutes. You can use the indicator on any time frame to trade instruments or currency pairs.

Ej Candle Time Trade Example

The EJ candle indicator doesn’t give trading signals. However, you can use it to organize your time based on the remaining time for the candle to close. For instance, you can exit a few minutes to close a candle before momentum picks up and goes against your trade position. The indicator also shows you the remaining time on the left topside of the price action window.

The picture illustrates the indicator on the 30 minutes time frame. According to the EJ candle indicator, only five minutes remain before the candle’s end. You might therefore want to exit if you are scalping within a 30 minutes session.

Conclusion

An EJ candle indicator is a useful tool for all types of traders, especially scalpers. It helps you keep track of time to help you determine whether it’s ideal for closing or opening a trade. It is a great addition to every trader.

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How to Use the Nonlag Schaff Trend Cycle Indicator

The indicator ranges between 0 and 100. Like the MACD,  the level should inform you whether to buy or sell.

• Buy signal – Buy when the indicator rises past the 25 levels. The indicator color changes to green. In addition, you can filter bad signals by ensuring the candlestick after the trigger candle closes above the trigger bar.
• Sell signal – sell when the indicator drops below the 75 levels. The indicator line changes to crimson. Similarly, candlestick behavior can help you filter out bad signals. The candle after the trigger bar should close above the trigger.

Trading Example

The picture shows the price action of the USD/CHF currency pair. The indicator gives a buy signal when it rises above the 25 level. Additionally, the indicator changes to green during an uptrend. You would have raked in profit if you opened a long position. Similarly, the indicator has crossed below75, which signifies a downtrend. Moreover, the indicator has changed to crimson, signaling the market is a downtrend. You, therefore, should enter a short position.

Conclusion

The indicator uses MACD and stochastics to determine the trend direction and show a reversal. You only have to ensure the indicator changes color and passes the 25 and 75 levels. The nonlag Scaff Trend cycle will suit you if you are a trend trader.

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How to Use the Float Indicator

The idea of using the indicator is to determine the trend. So, you can use it to ride the trend, depending on when it started. The idea is to watch the indicator and wait for the current trend to end. Jump into the market at the beginning of the next trend.

Float Indicator Trading Example

The USDCHF is a good example of how to use the float indicator. According to the indicator information, the market low was 37 bars ago, and the high was 12 bars ago. Below the price action, a new trend is forming. You, therefore, want to open a position and ride the downward trend.

Conclusion

The float indicator is one of the best trend trading indicators. It shows the current trend starting and ending points. You only need to time the start of the next trend and ride its profitability.

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How to Use the Fiji Trend Indicator to Trade

The indicator uses an 11 ATR and 5 MA to give market signals. You only have to wait for the market crossover direction to determine the market direction. This indicator goes a mile further by using the signal arrow to give you the next possible direction of the market trend.

Buy when the Fiji trend lime green arrow points upwards. The indicator changes color to aqua. You can exit when the indicator points a red arrow pointing downward, a telltale sign of a price reversal.

Sell whether indicators draw red downward pointing arrows.  The indicator changes color to yellow. Exit when the lime green arrow faces upwards, an indication of changing market direction to an uptrend.

Fiji Trend Trading Example

The GBPUSD chart illustrates how the indicator works. Essentially, the indicator gives a buy signal when the indicator changes color to aqua. It draws a green arrow at the ideal entry point. Similarly, you should enter a sell signal at the red arrow. The indicator changes color to yellow.

Conclusion

The Fiji trend is an excellent indicator for determining the trend direction. You only need to identify the indicator color. In addition, it posts arrows to give you the trend direction.

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How it Works

Using the indicator is pretty much straightforward. It displays histograms akin to MACD in a separate window below the price action. Essentially, you will want to check two things. The bar position with respect to the zero line and the color of the bar graphs.

• Buy signal – The indicator gives a buy signal when the green bars form on the topside of the center line. Essentially, the longer the bar graph, the stronger the bullish momentum.
• Sell signal – The indicator gives a sell signal when the bars with fire brick, brownish color appear on the lower side of the center line. Essentially, when the bars are elongated to the downside, it means the bearish pressure is high.

Color OSMA Trading Example

The picture shows the price action for the EUR/USD weekly timeframe. The indicator posts green bars when the charts start to rise. This is an indication of a buy signal. Therefore you might want to open a long position. When the bars start shortening, indicating that the momentum is dwindling.

The downtrend mentum picks up, and the indicator posts brownish bars. You, therefore, want to sell and ride the downtrend.

Conclusion

The color OSMA uses an oscillator of the moving average. You can use the color of the histogram to determine the market trend. It is an ideal tool for identifying the market direction and changing momentum.

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You can use the historical levels for backtesting purposes. It allows you to choose the ideal timeframe for your trading strategy. It uses numerous support and resistance (SR) calculation and pivot point calculation modes such as camarilla, woodie, and classic pivot points formula. You can also change the settings to use different colors and sizes.

PZ Pivot Points Trading Example

Trading with the indicator is relatively straightforward. It gives you a suitable trade entry point, four resistance, and four support levels. Essentially, the resistance and support levels act as profit and stop loss.

The indicator shows ideal support and resistance areas. For example, you could enter the trade at 1.14817 and place the take profit at 1.15228, 1.15795 resistance levels, and stop loss levels at 1.14350 and 1.15039.

Conclusion

PZ Pivot points is an ideal tool based on the support and resistance zones. You only need to identify the various areas of interest which act as good support and resistance levels.

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