The Sixty Second Trades indicator is a trend-following trading tool that identifies short-term reversal zones and displays buy/sell entries on the MetaTrader 4 (MT4) platform. Thus, it can be a valuable trading tool for scalpers and day/intraday Forex traders for identifying quick trading opportunities. Besides, the indicator can be used to identify CALL/PUT trading signals, making it a suitable trading tool for binary options traders.
However, Forex traders might consider using the indicator as the confluence with price action/other technical indicators to identify high-probability buy/sell signals.
Features of the Sixty Second Trades Indicator for MT4
The indicator uses the Average Directional Index (ADX) to detect the beginning of a new trend and generate buy/sell entry signals. It works on multiple time frames, identifying short-term reversal from the 1 minute to the higher time frames.
Furthermore, the indicator plots a red and lime-colored dot, which signals a bearish and bullish reversal, respectively. Each dot indicates a possible reversal in that time frame. So, a red dot on an H4 candlestick suggests that the H4 candlestick will close bearish, while a lime dot indicates that the candlestick will close bullish.
However, the price tends to move shortly in the direction of the signal, making the indicator suitable for Forex trading and binary options.
Benefits of Using the Indicator
- Improves Decision Making: The indicator provides optimal trade entry buy and sell signals, enabling traders to make informed and timely decisions.
- Versatile: As mentioned above, the indicator’s model of signal makes it a suitable tool for Forex and binary options traders.
Indicator Settings Description
The indicator comes with the following customizable settings:
ADXbars: Determines the ADX period for trend analysis.
CountBars: Determines the maximum number of candlestick bars to analyze.
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