In this article, I will tell you about another market analysis tool that you can use to generate revenue. Indicate in the MT4 market ALFWinner does not require much knowledge and experience from the entrepreneur. According to his signals, even a novice in the market will be able to trade. This indicator tracks price behavior and determines the situation when it is in one of the zones – overbought or sold out. This state of the market is a signal of a possible change in the direction of the quotation movement. This means that you may want to think about opening the right trading order.
Install and configure indicator
To use this technical analysis tool, copy its files (link at the end of the article) and place them in the directory folder of the trading terminal, which is called Indicators. It can be easily found if you open the M’L4 folder. Then restart the platform and install ALFWinner on the currency pair chart on which we will trade. As a result we get this image:
As for settings, this forex indicator for MT4 requires optimization of only two parameters. The main one is period. It depends on how many candles will be used in the calculations. The value of this variable is determined by the currency pair and on which TF is Trading. The second option is Average. Specify the averaging rate.
Trading rules
Entry takes place when one of the zones is reached by the price and the start of its exit. If we see that the indicator columns are at the bottom of the window (sell-out zone), this indicates the possible appearance of the signal. Changing the color of the bars from red to green allows you to decide whether to open a purchase order. If the indicator columns are at the top of the window (overbought zone), this also indicates the likely appearance of the signal. We are waiting for the color of the columns to change from green to red and open a sales offer. You can close active orders when the opposite signal appears in the chart. Despite the ease of using this indicator, I do not recommend rushing to use it in real trading. First, you need to test the indicator and find the best parameters in the settings. Therefore, there is a demo account. Indicator, which I talked about today, provided that the right application already allows you to earn money in the market. But the effectiveness of trading can be improved if you choose this additional tool to analyze the market situation. Download forex indicator for MT4 can be found here: AFL-Winner-indicator Inga Fedorova 13.12.2020 Record Traders Forex Magazine forex-for-you.ru.