The Butterfly Pattern Forex Indicator works like fractals. It spots the reversal on the chart and helps you trade accordingly. This indicator can be used in many ways. It depends on what kind of trader you are. You can use it for scalping purpose as well as for other kinds of trading. However, the fact is that you will not be a successful trader with help of this single trading indicator like this. You need to combine this tool with other indicators to get best out of it.
When you install Butterfly pattern indicator in your trading platform, your chart should look like this:
Butterfly pattern indicator consists of green and red arrows that appear in the main chart window. The green arrow indicates buying and the red arrow indicate the selling signal. The first thing you need is you need to see the direction of the market and you should trade only in the direction of the market. By doing so, you will have higher chances of winning.
Buying Conditions Using Butterfly Pattern Indicator.
– Market should be up trending.
– You should see a green arrow below the market.
– Place your long position as soon as above conditions are met.
– Place your stop loss just below the recent swing low.
– Take your profit when you see a red arrow above the market.
Selling Conditions Using Butterfly Pattern indicator.
– Market should be down trending.
– You should see a red arrow above the market.
– Place your short position as soon as above conditions are met.
– Place your stop loss just above the recent swing high.
– Take your profit when you see a green arrow below the market.
Forex Indicators Download – Instructions
Butterfly Pattern Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Butterfly Pattern Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Butterfly Pattern Forex Indicator.mq4?
- Download Butterfly Pattern Forex Indicator.mq4
- Copy Butterfly Pattern Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Butterfly Pattern Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Butterfly Pattern Forex Indicator.mq4 is available on your Chart
How to remove Butterfly Pattern Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
Download Metatrader 4 Trading Platform:
- Free $30 To Start Trading Instantly
- No Deposit Required
- Automatically Credited To Your Account
- No Hidden Terms
Click The Link Below To Download: