ArrZZx2 Indicator

ArrZZx2 Indicator

ArrZZx2 indicator for MT4 is a technical tool that automatically identifies support and resistance zones.

The ArrZZx2 indicator for MetaTrader is simply a trend reversal tool built with algorithms that identify and plot support and resistance zones. It also comes with signal arrows that trigger buy or sell entries at optimal support/resistance zones.

The indicator is not recommended to be used in a sideways (ranging) market but rather in a trending (bullish/bearish) market. Also, ensure you trade in the direction of the main trend. So, you’re to look out for support zones in an uptrend (for a buy opportunity) and ignore the resistance zones, for instance.

The ArrZZx2 indicator is ideal for novice, intermediate, and advanced forex traders. Furthermore, it is also suitable for different trading styles like scalping, day/intraday, and swing trading.

How to Trade With ArrZZx2 indicator

The above screenshot depicts how the indicator would look on your MT4 chart. It shows that the market is in a bearish trend. This trend condition is an ideal opportunity to look for a sell entry position to the downside.

Furthermore, the indicator also identifies and paints a resistance line; the price also retraces back and retests the resistance line with clear wick reject rejections. With these conditions, you may then open a sell/short position after a bearish engulfing candlestick, for instance.

Note: you may also buy or sell once the indicator paints a blue or red signal arrow. The downside of this method is that the indicator may sometimes project false signals due to random movement in the market. In all, the former method (of entry) is bound to generate higher probability trades than the latter because it is a synergy of the indicator’s signal and price action.

Conclusion
The ArrZZx2 indicator for MT4 is essentially a technical tool that automatically identifies support and resistance zones. This eases the burden of manually plotting various support/resistance zones on a daily basis. Finally, it is free to download.