Top Tips Arrow Indicators MT4 uses several indicators to generate trading signals. These signals are represented by arrows. A green up arrow is a buy signal. A red down arrow is a signal to stop using the instrument.
The Top Alert Arrow Indicator MT4 is a combination of three indicators. Bollinger Bands and Moving Averages. These indicators are widely used by technical traders around the world. The code calculates the momentum after the adjustment. These lines are shown on the indicator chart as red and blue lines. This new version of Momentum can be used to create Bollinger Bands and Envelopes.
The arrows are useful in identifying trading opportunities, as we have already said. A long signal will be indicated by an upward green or blue dot, and a red dot. A red dot or a red downward-pointing arrow will indicate a sell signal. Signals with only arrows are stronger than those with dots.
How to trade the Top Alert Arrow Indicator
Bullish Signals or Buy Signals
A buy signal is subject to certain conditions. These conditions are listed below.
Green up arrow – the red line must not be below the upper Bollinger band. The value of the red line must also be below -6.
Blue Dot – Momentum has fallen below -10, which is a strong indicator that you should buy.
You can hold the position and then exit on the next bearish signal.
Bearish or sell signals
These are the conditions for a sell signal.
Red Down Arrow – The red line must be no lower than the Bollinger band line. The red line value must also be greater than +6.
Pink Dot – The momentum has risen above +10, which is a strong indicator that the instrument should be sold.
The Vertex Warning Arrow indicator can be a good indicator for beginners to help them find signals to buy or sell an instrument. Before using this indicator, it is important to analyze other technical and fundamental factors. Usually, arrows or dots are redrawn on the chart. In order to be successful in this business, traders must use sound analytical and risk management principles.