MetaTrader Market Master Indicator is a custom indicator that tracks trends in financial trading assets. The signal is easy to chart and does not redraw. Therefore, it is a reliable tool for trend analysis.
It uses algorithms to closely monitor the market and relay its trend direction through bar chart bars. Different market sentiments are represented by the bar chart bars. If the market is in a bullish trend, it will draw the blue histogram bar that hides. It will also draw red histogram bars if the market is trending bearish.
As a momentum trading indicator, the Market Guru indicator may also be useful. In this case, the odger blue or red bar can be used to determine bullish or bearish momentum.
The indicator is compatible with many trading styles, including swing trading, intraday/extraday trading and scalping. Swing trading and intraday/daily trading are better suited to H4 time frames and higher time frames. They tend to have a more reliable trend bias. The indicator is also suitable for experienced, novice and intermediate traders.
How to trade with the Market Master indicator
The Market Master indicator can be used as a stand-alone technical tool for trading entries/exits. It is best used in combination with other Forex technical indicators (such as price action or other Forex indicators). Trading with the direction and trend is the best way to achieve consistency.
Buy signals. First, identify the current market trend. In this case, it is a bullish trend. The blue bar of the Wait indicator shows a bullish trend. After the price behavior prints a bullish candle pattern, you can open a buy/sell trade. (Bullish Engulfing).
Sell signals. First, identify the current market trend. In this case, it is a bearish trend. Wait for the red bar of the indicator to appear. This indicates a bearish movement.
Your trading style will determine your take profit and stop loss. It should be realistic. You don’t have to wait for the opposite signal before exiting a trade. You can have a 1:1 risk-reward ratio with a 30 pip stop loss and a 60 pip take profit.
MT4’s Market Guru indicator can be a powerful technical trading tool that can improve your trading results. It is best used in trending markets to reduce false signals.