Thanks to the concept as "day trading" day trading method attracts quite a lot of interest among forex traders. The reason is simple. Day trading is considered simple nan effective because it is done by opening and closing positions on the same day, and not too prioritize long-term trend.
But in reality, running a day trading strategy is not that simple. One of the difficulties that typically descend the day trader is looking for an entry point. Well, the problem is what to have been resolved by Point Zero-trading, developers indicators PZ Day Trading.
If you are familiar with the name of this day trading indicators, it is because previously been orbited PZ Point Zero Swing Trading. More information about the description and the signals generated these indicators can you see in the article: PZ Swing Trading Indicators MT4 To Swing Trader. As for PZ Day Trading, the following is a detailed description about the characteristics and description.
Characteristics PZ Day Trading
Pair: Can any forex pairs
When trading: Recommended London session
Time frame: Could be anywhere, but given its function as an indicator of day trading, its use is preferred on H1 and H4 charts.
Description PZ Day Trading
In general, there are three main elements of the MT4 indicator adjusted for the day trader. The following examples of indicators PZ Trading Day which is mounted on MT4 chart.
pz day trading indicators
The first aspect is a square sign that suggests price action triggers reversal pattern. Furthermore, there are red and blue arrows that appear as a point of entry. Through these two markers, indicators PZ Day Trading aims to facilitate reversal day traders seize opportunities, while providing an ideal entry recommendation.
One more hint that you can get from day trading indicator is a description of numbers. Such information is the number of points accumulated profit if you make an entry on a previous reversal. So it is like there is a sign at the end of the downtrend +229, it means that the maximum gain points that you can get from the entry in the previous reversal signal is down 229 points (22.9 pips).
How to Install PZ Day Trading In MT4
1. Download the indicator here PZ Day Trading
2. Extract the downloaded file
3. Open your MT4 platform
4. Click the File menu, and then select Open Data Folder
5. Locate the folder where you saved the file PZ Day Trading indicator that has been extracted
6. Open the folder MQL4, then click Indicators
6. Copy files PZ_DayTrading.ex4 indicator, then back to the terminal MetaQuotes
7. Select the folder MQL4, then open Indicators
8. Paste indicators PZ_DayTrading.ex4
9. Close the terminal window and MT4 MetaQuotes
10. Go back to your MT4 platform
11. In the Navigator window, find the indicator PZ_DayTrading
12. Drag & drop to the chart PZ_DayTrading
13. Check mark Allow DLL Imports, and then click OK
14. PZ Day Trading Indicators will appear in the chart and ready for your use.
Trading Signals Produced
PZ Indicators Day Trading made to display the entry signal that responds reversal patterns of price action. That is why, square sign that formed in the area of price action appears at the beginning of price reversal. Red square marks the reversal pattern down, while the blue square, signaling the possibility of prices to turn upward.
pz day trading indicators 2
Entry signal on this trading day indicator to appear after the breakout of the pattern reversal, so that the open position can be done with more signal confirmed. As reflected in the chart view of the above, the blue arrow as an entry buy recommendations formed after prices broke through the upper limit of the blue square. Conversely, a sell entry marked with a red arrow symbol appears after the price broke the lower boundary of the square pattern of the same color.
On the other hand, you do not have to pay attention to figure captions because it just shows the potential profit from the price movement is past. But if you still want to take advantage of the information, you should use as a recommendation target profit. You may also use the data to learn to recognize the huge potential of historical reversal patterns.
The final word
By presenting a signal to the pattern reversal price action, indicators PZ Day Trading is designed for day traders who are looking for simple entry strategy. Uniquely, this indicator can also be used by traders who use any short-term strategies, including scalping.
Meanwhile, the weakness of day trading indicators lies in the inability to show the exit signal. Therefore, by arranging the close position should not be based on PZ Day Trading. As a recommendation, taking into account exit levels according to risk management has been arranged according to your tolerance limits.