Lukas1 Arrows Curves is another great Forex indicator which could be helpful in different types of trading. If you choose this indicator for short term charts (M1-M15) it could be used for scalping and if you put it on longer term charts (H1-H4) it will be useful to catch a long term trend.
Lukas1 Arrows Curves draws upper and lower lines around the price candle, somewhat similar to Bollinger Bands indicator. These lines may be considered as a stop-loss level. A trend reverse arrow is drawn when the candle is closed above or below the corresponding line. The indicator has an option to modify the width of the lines and thus number of arrow signals, so you will have to play around with the settings to find the best configuration for your trading timeframe and style.
In a trending market you should trade following the direction of arrows: buy after the blue arrow appears, and sell when you see the red arrow (see picture below).
However in the choppy market conditions you can make money trading in reverse direction. This way you will catch the highs and lows of the price range (see picture below).
But of course Lukas1 Arrows Curves indicator is not a holy grail and will give you some false signals, so it is better used along with other indicators which will reduce the number of bad entries.
Features of Lukas1 Arrows Curves indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In lukas1_Arrows_Curves.zip file you will find:
Download Lukas1 Arrows Curves indicator for free: