Three Line Break V2 Indicator

Three Line Break V2 Indicator

Three Line Break V2 indicator for mt4 – download free. Best trend reversal indicator for mt4. Free trend following mt4 indicator. Best forex indicator for mt4.

The Three Line Break V2 indicator for MetaTrader is a custom trading indicator built with a candlestick-like structure that follows the price movement. It is useful in identifying a potential change in the direction of the price when it breaks the recent highs/lows.

The indicator’s algorithm keeps track of the closing prices of an asset rather than the highs/lows of price action. Therefore, it would come in handy to help you spot the beginning of a new trend and a possible trend reversal.

The indicator comes with blue and red bars that depict bullish and bearish sentiment, respectively. It is essentially a forex trading tool designed to help you identify an optimal trade reversal zone. In other words, the indicator would help you to spot the possible end of a retracement.

The Three Line Break V2 indicator is chart-friendly and doesn’t interfere with your technical analysis. More so, it is suitable for different trading styles like scalping, day/intraday, and swing trading. What’s more, the indicator is recommended for beginners, intermediate, and advanced forex traders.

How to Trade With Three Line Break V2 Indicator

The above screenshot depicts how the indicator would look on your MT4 chart. Besides, it also shows how to identify a high-probability trade setup.

The Three Line Break V2 indicator is suited for a trending market. Furthermore, it is also recommended to be used along with price action/other technical indicators for better efficiency.

BUY and SELL Signals: Firstly, define the trend bias of the market, in this case, a bullish trend. Now, wait for the indicator to paint three consecutive red lines which signifies a bearish retracement. You may then open a BUY/LONG position after the indicator also paints a blue line (a sign of bullish continuation) that breaks the three red lines.

The blue line suggests an end of the bearish retracement which also doubles as a BUY signal. The reverse of the above BUY principle can also be applied to generate a SELL signal and entry.

Moreover, you may also use price action as a confluence to validate a BUY/SELL signal. In essence, the synergy of the Three-Line indicator and price action may play a crucial role to boost your overall winning trade ratio.

Conclusion
The Three Line Break V2 indicator for MT4 is a technical trading tool that analyzes the movement of an instrument for a possible trend reversal. Note that proper money management should be practiced as the indicator isn’t immune to false signals. Finally, it is free to download.