Price Border Indicator
The price border indicator for MT4 is a custom indicator that is based on the Average True Range (ATR) indicator. The indicator plots three bands on the price chart and captures the swing reversal points. Depending on the slope of the indicator, traders can identify the trends. Typically, the mid-band is used for detecting trends while the outer bands are used as dynamic support or resistance levels.
When to go long
First, look at the mid-band or the lower band to see a possible change in the direction from down to up. When you see this, wait for a candle that pierces the bottom band, followed by a bullish close back inside the band. Then go long at the recent pivot high with stops at the previous low.
Price Border Indicator
When to exit a long position
Set your take profit level to the upper band. Given that the bands continue to evolve, you can also adjust your take profit level constantly, until it is hit.
When to go short
To go short, the price band indicator must be previously sloping higher. Look at the mid-band or the upper band to slope down. Wait for price to hit a high and then you will see a gradual change in the direction of the indicator. Wait for price to pierce or close outside the upper band. Then wait for the recent swing low to form to enter the trade.
Price Border Indicator
When to exit a short position
The short position can be exited as you adjust your take profit level to the lower price band level. Depending on the strength of the trend, this adjusting of the take profit levels can give you huge rewards.
Conclusion
The price border indicator is a simple to understand technical trading indicator. You don’t need any more indicators except this. There is a bit of subjectivity involved. But once you understand when to go long or short, this indicator can give you big profits while keeping losses very limited in comparison.
Recommended Time Frames
Technically speaking, you can use this MT4 indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the H4 for better consistency.
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