There’s a great fallacy of trading—that you can build a system that always works. The mythical holy grail that will keep producing no matter what the market does.
But this is a fool’s hope. A fruitless search that causes not profits but frustration.
Luckily, there is a solution. Understand the market type first and then trade the correct strategy for the market type.
To make identifying the correct market type easy for you, we have developed a Market Type Indicator for both MT4 and Trading View.
The indicator will show you if the market type (MT) is bullish, bearish, sideways, or fast. This provides you with a clear guide about how to trade it.
The indicator is both static and dynamic.
This is very powerful as you can set the indictor to change timeframes with your chart or to stay fixed on a timeframe.
This is useful for cross timeframe analysis. For example, you can see the daily MT while you are looking for opportunities on the hourly chart.
Our market type indicator makes the complex skill of assessing the correct MT objective and accessible.
You can get the indictor for both MT4 and trading view here.
Cheers,
Sam
P.S. You may want to combine this with our Bollinger Band Relative Width Indicator to identify sideways quiet and volatile market types.
About the Author
Sam Eder is a currency trader and author of The Consistent Trader and the Advanced Forex Course for Smart Traders (get free access). He is the owner of www.fxrenew.com a provider of Forex signals from ex-bank and industry traders (get a free trial). If you like Sam’s writing you can subscribe to his newsletter or get FREE access to his acclaimed How to Be a More Consistent Trader Short Course.