Ultimate Arrows Indicator

The Ultimate Arrows Indicator plots real-time trend-reversal signals and assists in identifying important price swings. Identifying market highs and lows is a critical component of daily technical analysis. Because technical traders seek to sell from the top and buy from the bottom in order to increase their chances of success. Considering this, the Ultimate Arrows Indicator may be beneficial in determining good levels for entering and exiting trades.

What is the Ultimate Arrows Indicator?

The Ultimate Arrows Indicator assists in identifying market peaks and bottoms. This approach also includes border lings, which aid in identifying overbought and oversold market conditions. Although the algorithm for this forex gauge is bespoke, it is based on the Zig Zag indication. The Ultimate Arrows indicator is suitable for both novice and experienced forex traders. The Ultimate Arrows Indicator is suitable for a wide range of timeframes and currency pairs. It appears in a separate window right below the main trading chart. The input tab allows you to change the default parameters directly. Feel free to play around with the settings and parameters to suit your needs.

Setting up the Ultimate Arrows Indicator
Setting up the Ultimate Arrows Indicator

Ultimate Arrows Strategy

The Ultimate Arrows Buy Sell Signals Indicator generates arrows using the Zig Zag indicator, however the arrows are re-painted every time a new swing high/low is generated. This is where Border Ling comes in, providing overbought/oversold levels from which price may likely revert.

Buy Signal

The following could be your checklist for a buy trade:

  • When price touches the lower band of the border lings.
  • When the indicator displays an upward arrow 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 displays a downward arrow above the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Ultimate Arrows Indicator Buy Setup
Ultimate Arrows Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When price touches the upper band of the border lings.
  • When the indicator displays a downward arrow 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 displays an upward arrow below the candlesticks.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Ultimate Arrows Indicator Sell Setup
Ultimate Arrows Indicator Sell Setup

Ultimate Arrows Pros & Cons

Pros

  • The Ultimate Arrows Indicator can be used to identify possible overbought and oversold regions.
  • This indicator can be used to identify possible trend reversal zones.

Cons

  • When using this indicator, other technical factors including candlestick patterns and price level analysis, ought to be considered in order to predict a suitable trade setting.
  • This indicator may not be very suitable for narrow-ranging markets on smaller timeframes.

Conclusion

The Ultimate Arrows Indicator aids in objectively identifying swing highs and swing lows. You can then use other technical tools and tactics to further determine the best timing to enter the market. The goal is to avoid closing deals because of modest pullbacks. This is one indicator you may find useful, although it does not guarantee profits.

Free Forex Robot