Rectangle Reader Indicator

Rectangle Reader Indicator

Rectangle Reader Indicator For MT4 is an excellent forex supply and demand tool. Extends these higher chart zones continuously and shows in lower charts.

The Rectangle reader indicator for MT4 extends the trend lines of a manually plotted supply and demand zone continuously a few candles to the right. Furthermore, it displays them on lower time frame charts. So, forex traders can always be aware of higher time frame supply and demand zones and identify profitable trading opportunities in the lower time frame.

The indicator works well for new and advanced forex traders. However, traders have to manually plot a supply and demand zone as a rectangle for the indicator to start working. Moreover, traders can plot the supply and demand rectangle only on H4, Daily and Weekly price charts.

Rectangle Reader Indicator For MT4 Trade Setup

Initially, traders have to manually plot a rectangle as supply and demand zone. Then the indicator plots upper and lower trend lines of this rectangle on all lower chart time frames. As new candles form the indicator automatically redraws these rectangles and trend lines and extends them to cover the new candles too.

The trading strategy is to buy or sell upon breakout or breakout failure of these trend lines. Since, traders enter on the higher time frame supply and demand zone using an entry point in lower time frame; these trades are less risky and more profitable.

Conclusion
In summary, the Rectangle Reader indicator for MT4 is an essential tool for supply and demand based forex traders.