The Wedge Trendlines Pattern Indicator demonstrates multi-type trendlines on MT4 charts and spots sturdy price-action patterns to assess trading opportunities.
The trendline is a universal trading tool that you can use for technical analysis of forex, stocks, and other online trading instruments. It allows you to discover various price chart patterns which are not visible in unaided sights.
With Wedge Trendlines Pattern Indicator, you can use various trading approaches, including retracement entry, breakouts, and range tradings.
The Wedge Trendlines Pattern Indicator plots trendline support and resistance levels based on the market’s recent and past highs/lows.
Generally, the trendlines drawn based on long-term market highs and lows work as a dynamic price channel. On the other hand, the trendlines based on recent picks and bottoms of the price often form triangle patterns.
Therefore, whenever the price approaches trendline support or resistance, we need to monitor how the market behaves at that specific level.
For instance, the price hits trendline support and refuses to break below the level. In such a condition, a bullish candlestick pattern at the individual level will indicate the price is heading north following a bullish reversal at the support area.
Moreover, it helps you to anticipate breakout trading opportunities as well. For example, the price coming out of a triangle pattern through the trendline resistance represent a buying opportunity following the bullish breakout.
Wedge Trendlines Pattern Indicator for MT4: Buy Conditions
- The price breaks above the trendline resistance or rebounds from a trendline support
- SL below the nearest support line
- Exit long when the price gets rejected from a resistance line
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Wedge Trendlines Pattern Indicator for MT4: Sell Conditions
- The price moves below the trendline support or rebounds from a trendline resistance
- SL above the nearest resistance line
- Exit short when the price gets rejected from the support level