No Repaint Indicator
Platform: MT4 Type: Trend Last update: July 30, 2024The No Repaint Indicator for MT4 is, as the name suggests, forex no repaint indicator. It means that it doesn’t change the provided trading signals. Thus, this is a huge advantage for many traders, as they can rely on solid and accurate indicator that can be easily backtested. Speaking about trading signals – that gauge displays buy/sell arrows.
How does it work? How to apply in trading?
The No Repaint Indicator provides buy/sell arrows as trading signals. At the first glance, it may look that there are too many arrows displayed. This is partially true, but suggest adding a filter in the form of, for example, the 50-period Exponential Moving Average. That way we only trade in the direction of the main trend and provided signals are much less noisy.
Buy Signal
Follow these steps for a long trade:
- Price is located above the moving average
- No Repaint indicator provides buy 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 swing low of the market
- Take profit or exit whenever the No Repaint indicator provides opposite arrow or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Price is located below the moving average
- No Repaint indicator provides sell 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 swing high of the market
- Take profit or exit whenever the No Repaint indicator provides opposite arrow or use your own method of trade exit
