The Doji Arrows Indicator for MT4 automatically detects potential price action patterns, which can be converted into profitable buy-sell signals in forex and stock trading.
This indicator accurately spots Doji bars in all market conditions. Whenever the indicator plots an arrow, watch if the signal matches the price position. For instance, going long based on a bullish Doji signal while the price is overbought might be risky.
Therefore, matching the signal directly to the current market momentum is essential. You can add simple/exponential moving averages to assess the market bias. When the trend matches the signal, you’re up for activating an entry.
Another alternative option is horizontal support and resistance. You may look for the Doji signal near the key price levels to boost the probability of your trading success. For example, the price is rejecting support while the chart prints a bullish Doji can be an ideal option to go long.
Apart from S/R levels, you can also use trend lines to spot solid trading setups. Besides, it suits all types of forex and stock trading strategy.
Buy Signal Generation with Doji Arrows Indicator for MT4
When the Doji Arrows Indicator for MT4 plots a blue arrow, you’re possibly going to encounter a bullish Doji candle. Closely watch the candle and wait until the price exceeds the high of the signal bar.
Since this indicator doesn’t generate an exit signal, you may use horizontal support-resistance levels for determining the target.
Related Reading
- Trend Signal Version 2 Indicator
- Volume Weighted Average Price (VWAP) Indicator
- Lucky Reversal Indicator
Sell Signal Generation with Doji Arrows Indicator for MT4
The Doji Arrows Indicator for MT4 plots a red arrow above a candle means it’s time to look for a short opportunity following the bearish Doji. Enter sell once the price breaks the low of the signal candle.
We recommend you only pick the trade setup that can hit 2R profits compared to your SL budget.
