The Legacy Trader Indicator for MT4 is a trend-following indicator that combines technical indicators to help traders identify potential trading opportunities in the Forex and stock markets.
It generates buy and sell signals based on trend and momentum analysis and applies dynamic support and resistance levels to help traders identify entry and exit points.
The Legacy Trader level also displays dynamic trendline zones that can help traders explore hidden support and resistance on the chart. This provides additional insights into market trends and helps traders make more informed decisions.
When a buy or sell signal is generated, an alert is displayed on the chart to notify traders of potential trading opportunities. The indicator’s settings can be customized to fit individual preferences.
The Legacy Trader Indicator generates a buy signal when the market is in a bullish trend. The price will exceed the Legacy Trader level, and the signal line will transform to an aqua color. This indicates that the momentum is bullish, and traders may enter a long position when the price breaks out of the dynamic trendline.
Alternatively, traders can wait for the price to pull back to the support level before entering a trade. When a buy signal is generated, an alert is displayed on the chart to notify traders of potential trading opportunities.
Traders can then use the indicator’s dynamic support and resistance levels to help identify potential entry and exit points.
When the market is in a bearish trend, the Legacy Trader Indicator generates a sell signal. The signal line will turn red as the price drops below the Legacy Trader level.
This suggests that the momentum is bearish, and when the price exits the dynamic trendline, traders might open a short position. Alternatively, traders can hold off on making a trade until the price returns to the resistance level.