BO Turbo Alert Indicator

Traders who use technical analysis take joy in finding reversal zones on their charts where they can maximize their trades with tight stop loss levels. The BO Turbo Alert Indicator do not guarantee accurate reversal zone prediction; however, it can be a beneficial tool for traders who aim to sniper entries.

What is the BO Turbo Alert Indicator?

The BO Turbo Alert indicator for MetaTrader is a technical indicator that can identify price levels where a tradable asset’s price is likely to reverse. This basically means that the indicator can be used to trade both trend reversals and trend continuation. Furthermore, the BO-Turbo indicator has a warning system to notify users of probable market reversal levels. The indicator is suitable for scalping, day trading, and swing trading. Furthermore, it is user-friendly, making it ideal for both rookie and professional traders.

Setting up the BO Turbo Alert Indicator
Setting up the BO Turbo Alert Indicator

BO Turbo Alert Strategy

The BO Turbo Alert indicator displays a gold dot to indicate a potential BUY or SELL indication. The indicator could, however, be utilized in conjunction with other technical indicators or/and price movement. This aids in filtering out erroneous signals created by underlying market conditions such as market noise, etc. If you’re looking for a BUY signal, you may want to be sure that the market’s trend bias is positive. You may then wait for the indicator to paint a BUY signal before opening a BUY entry utilizing price action. If you’re looking for a SELL signal, you may want to make sure that the market’s trend bias is bearish. You may then wait for the indicator to paint a SELL signal before opening a SELL position using price action.

Buy Signal

The following could be your checklist for a buy trade:

  • When the asset being traded is up trending.
  • When the indicator paints a gold dot below the candlesticks.

Once these events occur:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when the indicator paints a gold dot above the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
BO Turbo Alert Indicator Buy Setup
BO Turbo Alert Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the asset being traded is down trending.
  • When the indicator paints a gold dot above the candlesticks.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when the indicator paints a gold dot below the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.

 

BO Turbo Alert Indicator Sell Setup
BO Turbo Alert Indicator Sell Setup

BO Turbo Alert Pros & Cons

Pros

  • The BO Turbo Alert Indicator can be used by traders to identify possible trend reversal and trend continuation zones.
  • The BO-Turbo indicator has an alert system to notify users of probable market reversal levels.

Cons

  • Using same color, as per the default setting, for signalling both a bullish and bearish trade may make it easy to interpret the signal wrongly sometimes.
  • This indicator may not be very suitable for a narrow-ranging market on smaller timeframes.

Conclusion

The BO Turbo Alert indicator for MT4 is a chart-friendly tool that does not interfere with candlestick formation on your chart. It is easy to understand by traders of different levels experience, and the indicator also gives alert signals to its users. This indicator may be used as an additional tool for confirmation, it does not guarantee profits.

Free Forex Robot