Explain the indicator “MT4 Dow Theory Trend Monitor” (author: abc-FX) in a video!
Indicator "MT4 Dow Theory Trend Monitor" (author: abc-FX) explained in a video!
Automatically displays retracement highs and pullback lows! Automatically shows a ZigZag trendline!
abc-FX, who loves MT4https://www.gogojungle.co.jp/users/49644is skilled in programming due to their work, and uses that knowledge and skill to develop and offer many indicators for MT4. Also,Blogand Twitter (@abcfxcom) actively distribute useful trading information.
This MT4 Dow Theory Trend Monitor, as the name suggests, is an MT4 indicator that performs trend analysis based on Dow Theory. Its biggest feature is that support and resistance levels can be grasped at a glance. It automatically displays high/low prices, a trendline connecting highs and lows (ZigZag), and horizontal lines for retracement highs and pullback lows in an easy-to-understand manner, enabling sophisticated trend analysis with just this one tool.
Also, it does not repaint, like the built-in MT4 "ZigZag" indicator. This allows for consistent, non-fluctuating market analysis. Furthermore, it can be used on all timeframes, and switching timeframes happens instantly, making it effective for scalping using short timeframes such as 1-minute or 5-minute charts.
Of course, it includes notification features as well, enabling email or MT4 notifications to smartphones. This allows timely trading even when you’re away from the computer.
The MT4 Dow Theory Trend Monitor is equipped with the following features.
■ Display of highs and lows using swing highs and swing lows
■ Display of high and low prices
■ Display of a band line that connects highs and lows continuously
■ Display of a band line that connects retracement highs and pullback lows continuously
■ Display of a trendline (ZigZag) connecting highs and lows
■ Display of horizontal lines for retracement highs and pullback lows
■ Display of past retracement highs and pullback lows
■ Display of the number of times highs have been updated consecutively and lows updated consecutively
■ Indicate whether the current view is bullish (buy view) or bearish (sell view)
■ Play an alarm sound on latest breakout of highs or lows
■ Display an alert on latest breakout of highs or lows
■ Push notification to MT4 on smartphone for latest breakout of highs or lows
■ Notify by email of latest breakout of highs or lows
For detailed specifications and how to use the MT4 Dow Theory Trend MonitorBlogis also published, so please take a look there as well.
Indicator "MT4 Dow Theory Trend Monitor" (author: abc-FX)
