Absolute Strength V1 has brought an ultimate simplicity in trend-following trading activities, especially for the newbie traders who wish to make money in the market on a consistent basis. It helps traders to clearly understand the market bias and trade according to the trend directions. The only thing you need to do is to follow the trend signals correctly and pull the trigger whenever there is a confirmation.
Absolute Strength V1 is a scalping indicator thus suits best with shorter timeframe charts like M5 and M15 within the MT4 trading platforms. However, this indicator can be applied to trade all kinds of forex currency pairs around the financial markets.
Absolute Strength V1 Overview
Download and install V1 in your MT4 terminal. Once you’re done, your chart will appear like the following image:
Absolute Strength V1 Explanation
Absolute Strength V1 follows a simple signal demonstration method. You only need to count the bars and match the colors in order to define the trade signals. Blur bars represent the bullishness and red bars express the bearish strength of the market trends. Three blue bars in a row signals for the buy entry within the bullish trend of the market. Ont the other hand, three consecutive red bars signal for the short/sell entry following the current bearish trend of the market. An opposite signal to the trade entry should be considered as a trade exit signal.
Absolute V1: Buy Conditions
- The indicator plots 3 blue bars in a row
- A solid bullish candle is formed at the same time
- Buy triggers after the above conditions are met
- Set stop loss below the current low of the market
- Exit long/take profit whenever 2 or more red bars are formed in a row
Absolute V1: Sell Conditions
- The indicator plots 3 red bars in a row
- A solid bearish candle is formed at the same time
- Sell triggers after the above conditions are met
- Set stop loss above the current high of the market
- Exit short/take profit whenever 2 or more blue bars are formed in a row