This view of trading was first mentioned by Bill Williams and he calls it trading in the zone. ZoneTrade Indicator for MT4 will show you through candles: BUY zone, SELL zone and NEUTRAL zone.
The best approach is to trade when market goes your way. And with ZomeTrade Indicator you can see this Zones clearly with new color of candles. Indicator is using momentum, acceleration and price confirmation for the color of Candles. When you are in BUY or SELL zone you can be more aggressive to trade. But if you are in NEUTRAL zone then you should hold trading until the time is right.
There is an version of this Indicator with Heiken Ashi style of candles which shows you as well interesting point of view of BUY/SELL/NEUTRAL positions.
When attaching ZoneTrade Indicator to your MetaTrader 4 make sure you have “Chart on foreground” un-selected. Or the new color of candles wont be visible.
- RED line indicates SELL zone
- GREEN line indicates BUY zone
- GREY line indicates NEUTRAL zone (no trade)
This are the available settings for ZoneTrade Indicator:
- GreenZone: BUY zone color
- RedZone: SELL zone color
- GreyZone: NEUTRAL zone color
- BodyWidth: set width of the candle body
- ShadowWidth: set width of the candle wick
How to install ZoneTrade Indicator in MetaTrader 4 / MT4:
- Download/Copy/Save the MQ4/EX4 file into your C:\Program Files\MetaTrader 4\experts\indicators folder (or change the folder to your installation sometimes forex broker name)
- Restart your MetaTrader 4 application (assuming it’s currently open) … or Launch your MetaTrader 4 application
- On the left hand side, look for the “Navigator” window and under the “Common” tab, look into the “Custom Indicators” section
- Locate the indicator which you have just downloaded into the folder stated in Step 1
- Drag (Click and drag) the indicator onto the chart
- Choose your settings and click OK.
- TADA and your done!