Phoenix Indicator

Phoenix Indicator

Phoenix indicator for mt4 – download free. Best trend reversal indicator. Trend following indicator for mt4.

The Phoenix indicator for MetaTrader is a forex trading indicator that was designed by combining multiple trading tools (SMA, envelopes, and OSMA) which evaluate the potential reversal zones of the price. Its algorithm keeps track of the end/beginning of a new trend and displays it as BUY/SELL arrows.

The indicator is best suited for identifying short BUY/SELL (trend reversal) trading opportunities in the financial market. The phoenix indicator is ideal for scalping and day/intraday trading. It can also be used by novice, intermediate, and advanced forex traders.

How To Trade With Phoenix Indicator

The above screenshot shows how the indicator would look on your MT4 platform.

The Phoenix indicator isn’t a stand-alone indicator for BUY/SELL entries. It is recommended to be used along with price action/other technical indicators.

BUY and SELL Signals: Firstly, wait for the indicator to paint a blue signal arrow which suggests a potential reversal to the upside. You may then open a BUY Order in sync with price action (e.g. bullish engulfing). The above BUY principle can also be applied to generate a SELL signal.

Conclusion
The Phoenix indicator for MT4 is a chart-friendly and easy-to-use technical tool for identifying trend reversal. Nonetheless, it is susceptible to false signals; hence, further analysis is required before opening a position. Finally, it is free to download.