Zone Indicator is an excellent historical support resistance based Forex trading indicator. Development of this indicator has been considered as the blessings for modern-day traders to ease the hassles of drawing daily market key levels manually. Besides, it has achieved a significant level of confidence from its users for its outstanding performance in defining the possible market entry areas with better accuracy.
Zone Indicator is better effective when it is applied at major Forex currency pairs but suits great with all sorts of timeframe charts. Newbie price action based traders can get an extra advantage using this Forex pivot level following indicator.
Zone Indicator Overview
A successful installation of zone indicator should look like this:
Zone Indicator calculates the current market pivot levels as correctly as possible and plots them as the horizontal support/resistance levels at the main chart window. You’ll have to look for a price bar rejection pattern whenever price gets closer to such key market levels. Price bouncing upwards from the lower pivot level by treating it as a support will be considered as a buy signal. In a contrary, price holding below the upper pivot levels and price starts to fall considering that pivot area as the resistance signals the short opportunity. Trend following traders may consider an extra Forex trend defining tool along with this progressive indicator for better confirmation.
Recommended Indicator: Trade Zone Indicator MT4
Zone Indicator: Buy Parameters
- Price is rejected to move below the lower pivot level and treating the area as a support level
- One or multiple bullish bar forms at the respective support level
- Buy triggers at the break of the bullish bar’s high
- Set stop loss right below the support level area
- Exit long/take profit whenever price hits the upper pivot level
Zone Indicator: Sell Parameters
- Price is rejected to move above the upper pivot level and treating the area as a resistance level
- One or multiple bearish bar forms at the respective resistance level
- Sell triggers at the break of the bearish bar’s low
- Set stop loss just above the resistance level area
- Exit short/take profit whenever price hits the lower pivot level