BB Alert Arrows Indicator
Platform: MT4 Type: Trend Last update: August 2, 2024The BB Alert Arrows Indicator for MT4 is a forex scalping indicator based on the famous Bollinger Bands. It displays buy/sell arrows that act as trading signals and all you need to do is to follow the given direction. Such simplicity can be a great advantage to beginners forex traders who struggle with the excessive complexity of some strategies. As the name suggests, the BB Alert Arrows give an alert when a signal is recognized.
How does it work? How to apply in trading?
The BB Alert Arrows Indicator defines the tops and bottoms of the market. Simultaneously, these market levels are marked with upward or downward arrows that trigger corresponding trades. In simple words, you should open a long trade after the occurrence of an upward arrow. Conversely, you should open a short trade after the appearance of a downward arrow.
Buy Signal
Follow these steps for a long trade:
- BB Alert Arrows provides an upward arrow
- Price swings higher from recent low swing
- Buy trade is triggered after the above conditions are met
- Set stop loss a few pips below the last low point of the market
- Take profit or exit trade whenever the BB Alert Arrows provides opposite arrow or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- BB Alert Arrows provides an downward arrow
- Price swings lower from recent high swing
- Sell trade is triggered after the above conditions are met
- Set stop loss a few pips above the last high point of the market
- Take profit or exit trade whenever the BB Alert Arrows provides opposite arrow or use your own method of trade exit
