Using signals generated by a single forex indicator can be risky while trading. Using just one mt4 indicator to trade can give more false signals. Thus, many forex traders used three or more indicators to filter out good trade setups.
However, using multiple indicators for signals can also be complicated and confusing. This is especially true when these indicators are generating contradictory signals. The Super Arrow indicator, however, provides good signals by using multiple indicators. Thus, the Super Arrow indicator for MT4 avoids the problem of indicator contradiction.
The Super Arrow indicator for MT4 uses multiple indicators to generate high-winning signal trades. These indicators are the Moving Averages, Relative Strength Index, Bollinger Bands, and Magic Filter. The Super Arrow indicator utilizes these indicators to filter out false signals and generate good ones.
The diagram below shows how this indicator is displayed on the MT4 chart.
The EUR/USD H1 chart above shows the Super Arrow indicator. This indicator appears on the chart with red (sell) and green (buy) arrows. The indicator displays a red color arrow when the market is bearish and there’s a strong sell signal. Consequently, the indicator shows a green arrow when the market is bullish and has a strong buy signal.
This indicator is suitable for both professional and new forex traders. New forex traders will mainly find this indicator valuable as no analysis is required. However, experienced traders can use this indicator with other indicators and market analysis.
Furthermore, this indicator can be used in all time frames to spot an entry and exit the market. The indicator also works in a ranging and trending market for entry, stop-loss, take-profit placement, and closing trades.
Super Arrow Indicator Settings
The Super Arrow mt4 indicator has the following parameters in the MT4 settings.
Fast Moving Average: The period of the fast Moving Average.
Slow Moving Average: The period of the slow Moving Average.
RSI period: The period of the Relative Strength Index (RSI)
Magic Filter period: The period of the magic filter.
Bollinger Bands period: The period of the Bollinger Bands.
Bollinger Bands shift: The shift of the Bollinger Bands.
Bollinger bands deviation: The deviation of the Bollinger Bands.
Bulls Power period: The period of the Bull Power.
Bears Power period: The period of Bear Power.
Alerts: Show indicator alert.
Utest up: display Utest up.
How to use the Super Arrow indicator
As mentioned, the Super Arrow indicator works perfectly in all market environments. For example, the USD/CAD H4 chart below shows an analogy of how this indicator can be used in a trending market.
In a trending market, buying when this indicator paints a green arrow in the lower trendline of the descending channel is advisable. However, the buy trade is advised to be closed when the indicator paints a red arrow or when the price reaches the upper trendline of the descending channel.
Consequently, it is advisable to open a short position when this indicator paints a red arrow in the upper trendline of the descending channel. Conversely, the sell trade is advised to be closed when the indicator paints a green arrow or when the price reaches the lower trendline of the descending channel.
Super Arrow MT4 Forex Indicator Free Download
The Super Arrow indicator for MT4 uses multiple indicators to give high-rewarding signals. New and professional traders can easily understand these signals. This indicator can also be used to enter and exit trade.
The Super Arrow indicator works in all market conditions (trending and ranging market) and in all time frames. This indicator can be used solely or combined with other indicators, such as price action and market structure analysis.