This head and shoulders pattern indicator MT4 as the name says is to help you identify head and shoulders pattern on your charts. If you are beginner forex trader just starting in forex trading and struggling to identify head and shoulders pattern, this head and shoulders pattern mt4 indicator should be able to help you.
Another added bonus of this indicator also is the fact that it also help you identify inverse head and shoulders pattern as well.
Is Head And Shoulders Pattern A Bullish Or Bearish Pattern?
- The head and shoulders pattern is a bearish pattern.
- When the market has been in an uptrend for a while and if you see a head and shoulders pattern form, it may be signaling that the trend may be changing now to a downtrend and you should be exiting your long trades and/or looking to position yourself to get into a short trade.
Inverse Head And Shoulders Pattern-Bullish Pattern
- The opposite of head and shoulders pattern is the inverse head and shoulders pattern.
- the inverse head and shoulders pattern is a bullish chart pattern.
- When you see an inverse head and shoulders pattern form in a downtrend, you should be looking to exiting your short trades and/or looking for an opportunity to get into a long trade.
How to Trade With The Head And Shoulders MT4 Indicator
- One you attach this head and shoulders pattern indicator to your chart, it uses price action and zigzags to identify potential head and shoulders pattern as well as inverse head and shoulders patterns.
- When it identified a head and shoulder pattern, it generates a red arrow pointing down, indicating you should be looking for the opportunity to sell.
- When this indicator identifies a inverse head and shoulder pattern, it generates a blue arrow pointing up, indicating that you should be looking to buy.
- you also have the ability to set alerts on its “settings” so when an arrow is generated, you can be alerted.
Does This Head And Shoulders Pattern Mt4 Indicator Repaint?
Yes, it does repaint on occasions.
So that means you need to use your eyes and knowledge about head and shoulders patterns to get into a trade instead of relying on this indicator.
Head And Shoulders Pattern Indicator MT4 Download Link
Here’s the download link: Automatic-HS-finder-indicator