In the world of forex trading, technical indicators are crucial since they help traders make educated decisions. One type of technical indicator is the Bigger TF OHLC MT4 Indicator. You will gain a comprehensive grasp of this indicator from this lesson, along with tips on how to use it in your trading plan.
What is the Bigger TF OHLC Indicator?
The Greater TF A technical analysis tool used in forex trading is the OHLC MT4 Indicator. Time Frame Open, High, Low, Close (OHLC) MetaTrader 4 (MT4) Indicator is what it stands for. This indicator shows a single chart with the open, high, low, and close prices for a selected period. This eliminates the need for traders to flip between charts to view the price activity over a longer time frame.
How to Use the Bigger TF OHLC Indicator
To find market trends, support, and resistance levels, and other patterns, utilize the Bigger TF OHLC MT4 Indicator. It offers a more comprehensive picture of the market’s movements by showcasing the OHLC prices over a longer time period on a single chart.
Attach the indicator to the desired chart to utilize it. The chart will then show the OHLC prices for the selected time period. You may use these prices to determine possible entry and exit locations for your trades.
Trading Strategies with the Bigger TF OHLC Indicator
The Bigger TF OHLC Indicator may be used to create a variety of trading strategies. For example, you may use the indicator to pinpoint possible market reversal moments. If the price is getting close to either the bigger time frame’s peak or low, this might be a sign of an impending reversal.
Using the indication in combination with additional technical analysis tools is an additional tactic. A moving average, for instance, may be used to validate the trend that the Bigger TF OHLC Indicator detected.
How to Trade with Bigger TF OHLC MT4 Indicator
Buy Entry
- Wait for the price to cross above the Open level of the larger time frame.
- Confirm that the price is also above the Low and Close levels of the larger time frame.
- Enter a buy order at the start of the next candle.
- Set the stop-loss below the Low level of the larger time frame.
- Set the take-profit at a level that gives a risk/reward ratio of at least 1:2.
Sell Entry
- Wait for the price to cross below the Open level of the larger time frame.
- Confirm that the price is also below the High and Close levels of the larger time frame.
- Enter a sell order at the start of the next candle.
- Set the stop-loss above the High level of the larger time frame.
- Set the take-profit at a level that gives a risk/reward ratio of at least 1:2.
Bigger TF OHLC MT4 Indicator Settings
Conclusion
For forex traders, the Bigger TF OHLC MT4 Indicator is a very useful tool. It gives traders a more comprehensive understanding of how the market moves, enabling them to make better selections. The Bigger TF OHLC Indicator may be a useful addition to your trading strategy, regardless of your level of expertise.
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