Profitunity Bars Indicator

Profitunity Bars Indicator

Profitunity Bars Indicator For MT4 provides momentum-based neutral, bullish and bearish forex trading signals by changing candle colors

The Profitunity bars indicator for MT4 provides bullish and bearish forex trading signals based on momentum. So, forex traders using momentum for technical analysis and trading strategies will find this indicator very useful.

The indicator is simple to understand and works well in all intraday chart time frames as well as the daily, weekly and monthly price charts. Additionally, the indicator does not repaint after candle close. This indicator is useful for scalpers, intraday traders, and short and long term traders. Moreover, this indicator can be used to formulate automated trading strategies.

Profitunity Bars Indicator For MT4 Trading Signals

The indicator changes the color of the bullish bars to green and bearish bars to red, while leaving the neutral bars unchanged. The trading strategy is to enter and exit the markets based on the candle color change.

If the candle color changes to green it indicates the beginning of a bullish market. So, forex traders should consider entering the markets with a buy trade and place a stop below the previous swing low. Similarly, in the beginning of a bearish market the candle color changes to red. In this case, traders should enter the market with a sell position and place a stop above the previous swing high.

The indicator does not provide a profit target, so traders should exit the position on an opposite trading signal. On the other hand, traders should consider exiting the markets with a good risk reward ratio. Since the indicator leaves the neutral candle unchanged, traders may consider exiting upon a neutral candle too.

Conclusion
In summary, the Profitunity bars indicator for MT4 is a simple and effective trading indicator providing forex trading signals.