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Ross Hook Trading Pattern

The Ross Hook Trading Pattern Indicator is a useful and popular free Forex indicator for MT4. The indicator looks for a pattern of two consecutive bullish or bearish candles, followed by a third candle that closes higher or lower than the first two candles. This pattern indicates a potential trend reversal and provides traders with an opportunity to enter or exit a trade. The indicator is easy to use and can be used to identify potential trades in any time frame.

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Description

The Ross Hook Trading Pattern Indicator is a highly sought-after and popular tool for traders on the MetaTrader 4 (MT4) platform. This indicator is specifically designed to identify the classic Ross Hook pattern, which is known for its ability to signal potential price reversals and breakouts.

Features of the Ross Hook Trading Pattern Indicator

The core strength of the Indicator lies in its ability to accurately detect the formation of the 1-2-3 pattern that defines the Ross Hook. When the indicator identifies this pattern, it will display a clear “”Rh”” signal, indicating a potential buy or sell opportunity.

The “”Rh”” signal is color-coded, with a green “”Rh”” signaling a bullish setup and a red “”Rh”” indicating a bearish scenario. This visual cue allows traders to quickly assess the market’s direction and make more informed trading decisions.

Furthermore, the indicator is designed to be used in conjunction with other technical analysis tools, providing traders with a comprehensive view of the market’s dynamics. Traders can use the Ross Hook Trading Pattern Indicator to identify potential entry and exit points, as well as to confirm breakouts from support and resistance levels.

How the RHTP Indicator Can Benefit You

By incorporating the Indicator into your trading strategy, you can gain a significant edge in the forex market. This powerful tool empowers you to identify potential price reversals and breakouts, enabling you to enter and exit the market at optimal times.

Whether you’re a seasoned trader or a newcomer to the forex market, the Ross Hook Trading Pattern Indicator can be a valuable asset. Its user-friendly interface and clear visual cues make it accessible to traders of all skill levels, allowing you to easily integrate it into your existing trading workflow.

Indicator Settings

Max bars: This sets the maximum number of historical bars to use for the trend analysis.

Aggression/Behavior switches: These parameters don’t significantly impact the core trend analysis functionality.

Reject if height less than: This setting specifies a minimum height threshold to invalidate the 1-2-3 chart pattern analysis.

Target percent 123: This determines the target price level as a percentage of the 1-2-3 chart pattern.

Target start 123: This defines the starting point for measuring the 1-2-3 chart pattern target.

Shows Ross hooks: This option enables or disables the display of the Ross Hook (RS) indicator.

Color settings.

Alerts Settings.

Conclusion

The Ross Hook Trading Pattern Indicator is a versatile and reliable tool that can help forex traders navigate the dynamic market with increased confidence and precision. By providing a clear and accurate identification of the classic Ross Hook pattern, this indicator empowers you to make more informed trading decisions and potentially enhance your overall trading performance. Download the Indicator for MT4 today and unlock your full trading potential.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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