Trying to figure out a ross hook pattern on a forex chart can be a big challenge for a new forex trader.
Luckily, there’s a ross hook pattern indicator mt4 that I’ve found online that can do the job for you much more easily.
Now, I personally do no trade using the ross hook indicator at all, nor do I trade using the ross hook pattern forex trading strategy but if you are interested in them, then check them out as free trading resources to increase your knowledge about the ross hook chart pattern.
Table Of Contents
How This Ross Hook Indicator Works
- firstly it identifies the 123 chart pattern and then after that, it looks for the ross hook pattern. That is because the ross hook pattern can only be formed after the formation of the 123 chart pattern
- bullish ross hook are marked in green and written as “Rh” and bearish ross hook are marked in Red(see chart below).
Ross Hook Pattern Alerts
Another benefit of using this ross hook indicator is the fact that it also has alerts which you can set to “true” or “false”.
You do this by going to the “inputs” tab.
This is useful if you are in the house and doing something else and are not monitoring the charts and once a ross hook pattern is identified, a pop up alert with a sound can be generated.
Make sure you increase the volume in your computer so you can hear it from where you are in the house.
Also, you can enable the ross hook indicator to send you the alert to your email.
There are are handful of other inputs which you can customized…I’ll let those for you to figure them out youreself once you’ve download this ross hook mt4 indicator and uploaded it onto your chart.
How To Trade With The Ross Hook Indicator MT4
Here are some tips on how to trade using the Ross hook indicator:
- you can use it with the ross hook pattern forex trading strategy
- do not try to chase and trade every ross hook pattern that forms on the charts which the ross hook indicator generated. what I suggest is to trade those ross hook patterns that form in levels or zones of significance like support and resistance levels/zones.
- look for ross hook pattern when price hits a major trendline and retraces…this means that if you miss trading off the trendline, then the ross hook pattern that forms later may give you the opportunity to jump in on a trade.
Ross Hook Indicator Download Link
Here’s the ross hook mt4 indicator download link: Ross-Hook_show123v2-Alerts