Forex Double Supertrend Trading System MT4 is a wonderful strategy that has been developed especially for scalping purposes. It spots short-term trends with multiple filters and also plots pivot levels around current price areas to guide through upcoming support and resistance levels. This system utilizes Super Trend, PF Winner, and Super Stochastic indicators all together to confirm the possible upcoming trend directions.
Forex Double Supertrend Trading System can be applied for any Forex currency pairs and fits best with M5/M15 timeframes. If you are looking for a handy strategy as your scalping assistant, we recommend it is worth giving a try with this amazing trading system.
Forex Double Supertrend Trading System Overview
Once you load this system after finishing its installation in your MT4 trading platform, your chart will appear as the following image:
|Time Frame||Currency Pairs||Technical Factors||Ratings|
|M5 & M15||Any||5||9.8/10|
Forex Double Supertrend Trading System Anatomy
- Session Indicator: Its job is to indicate the beginning of the market session with vertical dotted lines across the trading charts. It helps you to know exactly which session you are trading in.
- Pivot Levels: These are a set of horizontal lines plotted around current price level areas which indicate both support and resistance on the basis of short-term chart reading.
- Super Trend: This tool is known as dynamic support and resistance as it moves with the price action change. There are dual lines because of two different periods of chart readings. The price above the Super trend is bullish and the below signals a bearish trend respectively.
- PF Winner: This indicator almost looks like the MACD indicator and works similarly. PF Winner above zero level and rising means bullish trend have started on if the opposite happens then interpreted as the beginning of a bearish trend.
- Super Stochastic: It indicates the overbought and oversold condition of the market. Its value above 80 indicates overbought and below 20 signals oversold states respectively.
Forex Double Supertrend: Buy Parameters
- Super Stochastic bounces upwards from oversold conditions
- PF Winner value is positive and rising
- Buy triggers when price breaks above both Super Trend and Pivot Levels
- Stop loss below the respective bar’s low and take profit when the price reaches the following Pivot levels and all the indicators signal bearish momentum simultaneously.
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Forex Double Supertrend: Sell Parameters
- Super Stochastic bounces downwards from overbought conditions
- PF Winner value is negative and falling
- Sell triggers when price breaks below both Super Trend and Pivot Levels
- Stop loss above the respective bar’s high and take profit when the price reaches the following Pivot levels and all the indicators signal bullish momentum simultaneously.