Ultimate SSL MTF Indicator
Platform: MT4 Type: Channel Last update: September 29, 2024The Ultimate SSL MTF Indicator for MT4 works in a very similar manner to the Bollinger Bands indicator. It displays upper and lower bands and a middle line. That forex indicator is suitable for trend-following and reversal trading.
As the name suggests, an MTF (multi time frame) indicator, so you can choose a custom time frame of provided signals while being active in a different time frame chart.
Anatomy and trading with the ultimate ssl indicator
The Ultimate SSL MTF Indicator consists of three elements: upper band, lower band, and middle line.
Generally speaking, when the price is located above the mid-line, the trend is considered bullish. Similarly, when the price is located below the mid-line, the trend is considered bearish.
Detailed instructions are provided below.
Buy Signal
Follow these steps for a long trade:
- Price is located above the mid-line of the Ultimate SSL
- Price rejects mid-line or lower band
- 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 price crosses mid-line of the Ultimate SSL or use your own method of trade exit
Sell Signal
Follow these steps for a short trade:
- Price is located below the mid-line of the Ultimate SSL
- Price rejects mid-line or upper band
- 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 price crosses mid-line of the Ultimate SSL or use your own method of trade exit
