Ultimate SSL MTF Indicator MT4
Platform: MT4 Type: Channel Last update: July 28, 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.
How does it work? How to apply in trading?
Trading Rules Explanation
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
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology.
It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
