The Oracle FX MT4 indicator predicts future price movements based on the current and the historical market movement. In fact, it calculates two predictive price paths to indicate the potential future forex price movement. As a result, forex traders can anticipate price movements in advance and buy or sell accordingly.
Features of Oracle FX MT4 Indicator
The indicator plots lime line on the current market price, a gold line plots the first predictive line and Aqua line plots an alternative predictive line. The first and the second predictive lines are same except they have a different shift value.
Additionally, it plots two vertical blue dotted lines to indicate the beginning and end period of analysis. So, traders can identify the chart area used for technical analysis for which the indicator plots the future price predictive line.
For instance in a bullish market, traders can use the chart to identify the possibility of the trend continuation or a pending reversal. This could help the trader to identify potential support or resistance levels and place stop loss or take profit accordingly.
Benefits of Oracle FX MT4 Indicator
The main benefit of this indicator is the ability to identify potential future forex price path. This enables new and advanced forex traders to identify the possible bullish or bearish price movement and formulate trading strategies.
Another important benefit is the possibility to identify the potential stop loss and take profit points. This helps traders to exit the current trading positions or to adjust the stop loss and take profit based on the price projection.
The indicator works well in all chart time frames and is suitable for scalping, short and long-term traders.
Indicator Settings Description
numbar: Number of history bars for indicator calculation.
Alternative: Plots the alternative predictive price line on the chart in addition to the first predictive line.
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