The TRO midpoint Forex indicator for MT4 plots a current candle price midpoint and the previous midpoint of the input time frame. This indicator does not use any mathematical calculation or formula except the price. As a result, this indicator helps forex traders rely only on price data for technical analysis.
The indicator is relatively easy for new forex traders. However, advanced forex traders can formulate complex trading strategies and use other indicators in confluence. Moreover, it works on all chart time frames and is suitable for all traders. It is the best indicator for scalpers and short-term forex traders in particular.
TRO Midpoint Indicator For MT4 Trading Signals
The indicator plots Magenta and medium turquoise dots on the price chart. Additionally, it plots the previous and current midpoint value of the desired time frame on the chart corner if enabled in the settings. If the midpoint value magenta dot is below the candlestick, it indicates a bullish trend. Conversely, if it is above the candle, it shows a bearish trend.
The trading strategy is to enter the markets based on whether the magenta dot is above or below the candlestick.
If the magenta dot is below the candlestick, traders should consider entering the markets with a buy trade. A stop loss below the previous swing low should secure this trade. Traders can book profits if the magenta dot appears in the candle’s body or above the candle.
A similar strategy can be followed if the magenta dot is above the candle for a sell trade.
Conclusion
In summary, the TRO midpoint indicator for MT4 is a price-based indicator essential for scalpers and short-term forex traders.
TRO Midpoint Forex Indicator MT4 Free Download
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