New Fractal Lines Indicator

New Fractal Lines Indicator

New Fractal Lines Indicator For MT4 automatically draws up and down fractals and connects as trend line. Best support and resistance forex trading indicator.

The New Fractal Lines indicator for MT4 draws the fractal arrow and connects them to form a trend line. This trend line acts as a forex support and resistance line. Since these trend lines are drawn automatically using the fractals it eliminates trader discretion in drawing them.

The indicator is a simple trend line and is suitable for new and advanced forex traders. Moreover, it works well in all intraday chart time frames and the daily, weekly and month price charts. So, it is a very helpful technical analysis tool for scalping, short and long-term forex trading strategies.

New Fractal Lines Indicator For MT4 Trading Signals

The indicator plots the up and down fractals as red and green. It connects the down fractals to plot a red support line as ray. Similarly, by connecting the up fractals it plots a blue resistance line. The main purpose of this indicator is to help traders draw automatic forex trend line.

The best trading strategy is to use the trend line breakout strategy or support and resistance trading strategy. A breakout or failure signals the buy or sell trading signal. Moreover, these trend lines reveal underlying channel or triangle chart patterns and help facilitate profitable trading.

Upon a bullish trend line break, traders can enter the markets with a buy trade. In a bearish trend line break traders can open sell positions. It is important to note that as new fractals appear the indicator recalculates and re draws the trend lines.

Conclusion
In summary, the New Fractal Lines indicator for MT4 is an effective trading tool for automatically drawing support and resistance. Additionally, this indicator is free to download and easy to install.