Ross Hook Trading Pattern Indicator

Ross Hook Trading Pattern Indicator

The Ross Hook Trading Pattern indicator for MT4 is a forex trading tool that automatically analyzes the market in search of the Ross Hook Pattern formations.

The Ross Hook Trading Pattern indicator for MetaTrader 4 is a forex trading tool that automatically analyzes the market in search of the Ross Hook Pattern formations. The Ross Hook pattern is a breakout trading strategy that forms after the 1-2-3 chart formation is broken by the price.

How do you trade Ross Hooks?
To trade the Ross Hook strategy, you need to first identify the 1-2-3 pattern and then open a trade position after the price breakout of the point-2 zone. However, this (identifying the patterns) tends to pose a challenge to many forex traders, especially the newbie. Fortunately, this indicator does an incredible job of identifying the patterns.

So, in essence, the indicator simply identifies the 1-2-3 pattern formation for you and then paints “Rh” as a signal to buy/sell the financial trading asset. The green/red“Rh” is painted after the price breaks out of the point-2 zone, which depicts bullish/bearish signals, respectively.

Furthermore, it is instructive to note that not all the generated signals of the indicator are tradable. It is therefore recommended to be used in sync with price action (e.g. support/resistance zone, candlestick chart patterns, etc.) for better efficiency.

How to Trade With the Ross Hook Trading Pattern Indicator

The above image depicts the action of the indicator on the EURUSD currency pair in the H1 timeframe. It illustrates how to combine price action in synergy with the indicator to identify a high-probability trade setup.

The image showed that the indicator identified the 1-2-3 patterns and a buy signal (Rh) was subsequently generated. The buy signal was considered a high-probability trade setup because the indicator painted it close to a zone where the price had also printed and retested a bullish order block (support zone). In essence, the retest of the order block suggests a possible continuation of the bullish move, which also coincides with the indicator’s buy signal.

Conclusion
The Ross Hook Trading Pattern indicator for MT4 is essentially a technical trading tool designed in line with the Ross Hook Trading strategy. Finally, it is free to download.