ZONE INDICATOR MT4

Support and resistance indicator.

• The Zone indicator for MetaTrader is a forex trading tool that automatically plots levels of strong support or resistance on the chart. The indicator would come in handy for forex traders that rely on support and resistance strategies and the trend traders.

The Zone indicator does all the technical analysis and plots out zones that have a high probability of being respected by price. This gives you the advantage to quickly make informed trading projections and anticipate price reactions as it approaches such a zone.

The indicator would be beneficial to novice traders still trying to get a grasp on how to draw relevant pivotal levels. The pro traders are not left out either: the indicator takes away the hassle of having to draw such a support or resistance level daily.

• This MT4 indicator can be conveniently incorporated into scalping, day/intraday, and swing trading.  It also works on all the time frames. But is recommended to be used on the higher time frames for more accuracy.

Zone Indicator BUY/SELL Signals

• To start with, the Zone indicator for MT4 can be used as a stand-alone indicator to trade the forex market. But can be more powerful when used as a confluence with price action for trade entries and exits.

The above chart shows how the Zone indicator would look on a forex chart. The indicator draws a GREEN horizontal bar to indicate a potential support zone. And a RED bar for potential resistance levels. These signal bars are used for BUY/SELL entries and exits.

For a BUY setup

• First, wait for the Zone indicator to paint a potential key market level that may act as a support. Second, enter a BUY/LONG trade when price retraced back to that support level, showed signs of rejection (wick), and closed with a bullish candlestick.

For a SELL setup

• Wait for the indicator to plot the potential resistance level on your chart. Take a SELL/SHORT position after price retraced back to the resistance level, showed signs of rejection (wick), and closed with a bearish candle. You may refer to the above picture for more clarity on trade entries.

Note that it is crucial to wait for a sign of candlestick rejection before taking a trade. It helps you to get more confirmation. It also helps you to be more confident that such a level would hold the price for a while and a reversal in trend.

Conclusion

• The Zone indicator for MT4 is a powerful trading indicator you need on your forex chart. It has the potential to positively impact your trading. Nonetheless, not all signals are tradable as the indicator is not a holy grail.