The PZ Day Trading Forex Indicator from point zero trading. It is a scalping indicator. It can also be used for intraday trading. It is designed to detect trend reversal in a zig-zag manner. The indicator has no repainting or back painting. It’s algorithm is programmed to react very fast to the market movements and use the price actions to give signals. It has an efficiency of about 90%-95%. It is therefore a trustworthy indicator to use in your trading.
It is designed to work on all MT4 platforms. It can be used to trade using any of the time frames but since it is designed for scalping, it is best if used with a little bit tighter timeframes of M5-M15.
The PZ Day Trading is termed as a very multifaceted indicator which depends on adjustable length breakouts and congestion zones on Donchian peaks or bottoms. However the indicator only displays the important information while keeping the nitty-gritty junk for itself.
The indicator is responsible for the formation of blue and red arrows. These arrows serve as the trading signals. The blue arrow shows that the market prices are set for a bullish trend while the red arrow show that the market prices are set for a bearish trend. In short the blue arrows shows that the market prices are set to rise while the red arrow shows that the market prices are set to drop.
Fig.1. The PZ Day Trading Indicator inserted onto the EUR/USD chart.
This indicator is also designed to scrutinize its own signal. It actually learns about its own signals. Once it gives its signals, it goes ahead and analyses the signal and displays the information on the top left corner of the trading chart. There is also a purple dotted line that draws the line the profit of every trade is predicted to be. There is also a purple label that shows the probable profit in terms of points for every trade.
How to place and close trades using the PZ Day Trading Indicator.
The trader should be very cautious about the red and blue arrows since they are the trading signals. However, the trader may also go to the indicator customization and set the alerts on so that he or she can be alerted whenever there is a trading signal.
When placing the trades the trader should use the historical statistics on the top-left corner of the chart to place his or her stops. The take profit should be placed according to the winning history while the stop loss should be placed according to the loosing history. For example if the historical statistics shows a winning 85 %( 204 out of 240), the trader should place his take profit at 204 points from the order. If the historical statistics goes ahead and shows losing 5% (36 out of 240), the trader should set his or her stop loss at 36 point from the order. However since some times the broker may not allow too tight stops the stop loss can be set at 100 points (10 pips).
Placing a sell: the trader should place a sell order after the formation of the red arrow.
Placing a buy: the trader should place a buy after the formation of the blue arrow.
Example of placing orders using the PZ Day Trading Indicator.
Forex Indicators Download – Instructions
PZ Day Trading Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
PZ Day Trading 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 PZ Day Trading Forex Indicator.mq4?
- Download PZ Day Trading Forex Indicator.mq4
- Copy PZ Day Trading 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 PZ Day Trading Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator PZ Day Trading Forex Indicator.mq4 is available on your Chart
How to remove PZ Day Trading 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
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PZ Day Trading