The Sideways Detector indicator automatically spots sidelined or neutral market trend conditions. It helps you to avoid trading during choppy markets. Also, it highlights the sideway market ranges to determine potential price breakout levels.
In financial trading, the price usually initiates new trend moves after breaking the high or low of a sidelined market. Such breakout moves enable traders to take advantage of current market momentums and transform them into potential trend-following trading opportunities. Therefore, watching the sideways markets is essential besides determining on-trend price conditions.
However, monitoring the chart to spot such price conditions all day is time-consuming. So, having an MT4 indicator like Sideways Detector is always beneficial for scalpers and intraday breakout traders.
After reading this guide, you’ll learn how to apply Sideways Detector in MT4 for detecting sidelined markets and identifying potential breakout trading signals.
How to determine breakout trading signals by using Sideways Detector in MT4
The Sideways Detector constantly monitors the highs and lows of the price candles for spot-flat market trends. It highlights the areas using a blue rectangle whenever the price initiates moving within a shorter range. It indicates the price is flipping within the rectangle and has yet to decide its future trend.
Depending on the market sentiment, the price may break out of the sideways range either way. , Activate buy orders when the price turns above the blue box, plotting a bullish breakout. And go for sell entries when the price makes a bearish breakout by moving below the box’s low.
Sometimes you may encounter false price breaks at the edge of the rectangle, causing losing trades. Although, you can still improve your winning rate by considering entries plotted only within the current trend direction.
For instance, look for bullish breakouts only for placing buy orders during uptrend market conditions. Moving averages, MACD, and high-low methods are the most effective tools for identifying market trends. Besides, you may add pivots, support/resistance, and trend lines to spot strong price breakouts.
The Sideways Detector is an easy-to-use MT4 indicator that offers tremendous technical advantages, especially for beginners with less trading experience. The primary goal of detecting a flat price trend is anticipating the possible price breakout levels. In that regard, Sideways Detector highlights the price range during sidelined market periods. Moreover, it suits multi timeframes of the Metatrader platform, allowing you to look for potential price breakouts in MTF charts simultaneously.
Sideways Detector MT4 Forex Indicator Free Download
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