Candles SNR Indicator for MT4

0
1338
Candles SNR Indicator for MT4

Introduction to the Candles SNR Indicator

Seasoned traders would often ask a few questions whenever they would want to know how a particular market is doing. They would often ask the close price and on some occasions the highs and the lows. This would give them the idea what the range of price is and which direction it is moving. The Candles SNR indicator is a custom technical indicator based on this concept.

What is the Candles SNR Indicator?

The Candles SNR Indicator is a custom technical indicator which identifies support and resistance levels on the price chart. It plots four lines, three of which are dashed lines, while one is a solid line. These lines can be used as support and resistance levels or as the projected range where price would most likely move within.

Candles SNR Indicator for MT4

How the Candles SNR Indicator Works?

The Candles SNR detects the open, high, low, and close price of a range. It also has a preset number of bars in which it would detect the open, high, low, and close price, which is preset at 20 days. What it does is that it would detect the open, high, low, and close price of the range of the prior 20-day period. Then it would project these price levels to the current 20-day period.

The solid line is the opening price of the prior 20-day period. The topmost dashed line is the highest price of the prior 20-day period, while the bottom dashed line is the lowest low. The dashed line which is in between the top and bottom dashed line is the closing price of the prior 20-day period.

It also plots the projected range for the day on the lower left corner of the chart.

How to use the Candles SNR Indicator for MT4

The Candles SNR Indicator allow traders to change the color of the lines plotted. This can be changed on the “Main Color” option.

It also allows traders to change the number of days in which the bars would be based on, which can be modified on the “Days” variable.

How the Candles SNR Indicator Works

Traders can use the levels as support and resistance levels or as breakout levels. This is especially true with the highest high and lowest low levels. Traders can trade reversals or breakouts using these levels.

Traders can also identify the general trend direction based on where the current price is in relation to the solid line. Traders can trade buy trades exclusively whenever price is above the solid line and sell trades exclusively whenever price is below the solid line. The same can also be done for the closing price.

Buy Trade Setup

When to Enter?

Open a buy trade as soon as price action shows signs of reversal as it touches the dashed line representing the lowest low of the prior 20-day period. Set the stop loss below the entry candle.

When to Exit?

Set the take profit target on the high of the 20-day period range.

How to use the Candles SNR Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Open a sell trade as soon as price action shows signs of reversal as it touches the dashed line representing the highest high of the prior 20-day period. Set the stop loss above the entry candle.

When to Exit?

Set the take profit target on the low of the 20-day period range.

How to use the Candles SNR Indicator for MT4 - Sell Trade

Conclusion

This indicator is a tool which can be incorporated on market flow types of strategies. This is because it uses the highest highs and lowest lows of a range as a marker for significant support and resistance levels.

Recommended MT4 Broker

  • Free $50 To Start Trading Instantly! (Withdrawable Profit)
  • Deposit Bonus up to $5,000
  • Unlimited Loyalty Program
  • Award Winning Forex Broker
  • Additional Exclusive Bonuses Throughout The Year

Recommended broker

>> Claim Your $50 Bonus Here <<

(Free MT4 Indicators Download)

Click here below to download:

Candles SNR Indicator for MT4

LEAVE A REPLY

Please enter your comment!
Please enter your name here