The Alpha Trend Spotter PA (Price Action) indicator for MT4 is one of the variations of the Alpha Trend Spotter indicators. It is a technical analysis tool that detects potential trend reversal zones and emerging trends based on price action. Thus, the indicator can help Forex traders identify trend reversal and continuation trading opportunities.
The indicator analyzes the market for zones suggesting trend reversal, to identify the possible beginning of a new trend. It works on multiple timeframes from M5 and above, making it suitable for scalpers, day/intraday, and swing traders. Besides, the indicator is also an incredible tool for trading the binary options; it delivers accurate CALL and PUT signals.
As stated above, the indicator uses price action to identify the beginning of a new market trend direction. It analyzes the market and displays pink and lime-colored arrows showing the possible direction of a financial instrument. The arrows double as signals for BUY and Sell entries for Forex pairs and binary options.
The lime arrows depict a possible bullish trend (BUY signal), while the pink arrows suggest a bearish move (SELL signal) in the Forex market. Conversely, the lime and pink arrows indicate CALL and PUT signals for binary options trading, respectively.
The Alpha Trend Spotter PA indicator for MT4 does not have customizable settings.
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