The No repaint MT4 indicator is a fractal based indicator that provides buy and sell forex trading alerts. Furthermore, it plots up and down arrows on the price chart to help traders buy and sell accordingly. Even though, the name suggest as no repaint traders should be aware that it re calculates and adjusts the arrows based on price changes.
Features of No Repaint MT4 Indicator
The indicator plots blue up arrow and pink down arrow to indicate the buy and sell signals. Traders can open a buy trade if a blue arrow appears and place a stop loss below the previous swing low. However, traders can wait for an opposite fractal to book profits.
Similarly, traders can enter a sell trade upon a pink down arrow. Traders can follow the above stop loss and profit booking strategy in the bearish signal.
This indicator works well for scalping techniques in lower chart time frames. However, traders should use this indicator in combination with other technical indicators to filter the frequent signals in low volatile markets.
The indicator provides better trading signals in higher time frame charts than the lower ones. In ranging markets or low volatile markets, fractals tend to appear often. So, traders should switch to higher time frame charts to avoid multiple or false signals.
The indicator does not have any custom user input settings as the default settings work perfectly. However, traders can adjust the distance of the arrow icon.
Benefits of No Repaint MT4 Indicator
The indicator provides a clean price chart with only up and down arrows. So, new and advanced forex traders can easily identify the signals. It works on all chart types and is suitable for all trading styles.
Indicator Settings Description
ArrowDistance: Distance of the up or down arrow icon from the current candle.