PZ Day Trading Indicator is a range-based indicator, exceptionally well for breakout traders. It borders the areas of price ranges and signals for possible price breakouts with directions. Besides, it helps you to determine the stop-loss positions and also assists in identifying the ideal trade exit areas.
PZ Day Trading Indicator can be applied to trade all kinds of forex currency pairs within the financial markets. Furthermore, this indicator suits all sorts of timeframe charts available in the MT4 trading platform.
PZ Day Trading Indicator Overview
Install the Indicator in your MT4 terminal and find the indicator at your chart like the image below:
PZ Day Trading Indicator Explanation
PZ Day Trading Indicator follows simple price action rules to margin the range of the recent market momentums and captures smaller ranges using its rectangular boxes. An arrow comes with such boxes that are considered as the confirmation of the entry direction.
If you’re a trend following trader, you can choose the breakout signals only within the market trends. For swing trading, its signals can be used when plotted around market event areas or major support/resistances.
PZ Indicator: Buy Parameters
- The current price range is captured by the blue box of the indicator
- A blue arrow appears below the box pointing upwards
- Buy triggers when the above conditions are met and price breaks the high of the current price range
- Set stop loss below the indicator box
- Exit long/take profit whenever a red arrow appears above the price bar
PZ Indicator: Sell Parameters
- The current price range is captured by the red box of the indicator
- A red arrow appears above the box pointing downwards
- Sell triggers when the above conditions are met and price breaks the low of the current price range
- Set stop loss above the indicator box
- Exit short/take profit whenever a blue arrow appears below the price bar