Three Elder Screens indicator with alerts
The Three Screens Elder trading system was designed to work in the stock market. Subsequently, however, traders were able to move it to work in Forex 's currency market. And in order to make it more accessible to a broad category of speculators, this system has been turned into an Elder Three Screen indicator, which can be easily installed in its Metatraider 4 trading terminal.
Characteristics of the indicator
Trading terminal: Metatraider 4
Currency Pairs: Major Pairs
Time scale: Н1, Н4, D1
Features of indicator installation
To set the indicator, copy it to the "Indicators" folder, which is located at the same address as the trading terminal.
For this, we launch the Metatraider 4 platform.
In the File platform section (upper left corner), find the Open Data Catalog subsection and click it with the left mouse button.
Find the Indicators folder in the MQL4 folder.
In the window that appears, we copy the indicator and then restart the terminal.
The tool must be installed and can be selected where all other Forex market indicators are.
Three Elder Screens Indicator Settings
This Forex Technical Analysis tool has quite a few settings. The main ones, of course, relate to the options relating directly to the indicators underlying the system. But there are also a number of other parameters that can be set before work.
First of all, we are talking about currency pairs. You can directly set up the tools that the trader plans to work with. Next, you can configure its alerts (which warn you when a signal appears) before you start working with the indicator. This is as sound signals that will appear when the indicator finds a new entry point to the market, as well as sending a letter to e-mail (also when a signal appears on Forex 's chart).
As for the indicators themselves, here are all the main settings that can be found in the MACD indicator and Stochastic. However, it is important to pay attention to one nuance. The Three Elder Screens have settings for Stoch1 and Stoch2. Although only one Stochastic indicator is used, two zones can be configured here (the default is 80-20 and 70-30).
Entry and Exit Rules
Getting in and out of deals is best on alert. The indicator has an additional window with green, red, and yellow boxes. Green boxes mean a signal for purchase, red, respectively, for sale. As for yellow boxes, they warn of the absence of a signal.
In order for Forex trader to be more confident in his decisions, it is desirable to wait for signals from all indicators included in the system. That is, if, for example, the GBP/USD currency pair shows a green rectangle in the MACD column and a green rectangle in the Stoch or EMA column. One of the significant advantages of using this tool is the alert.
Peculiarities of operation with forex indicator
Alert appears directly in the window of the trading terminal and indicates the signals that are currently available on the Three Elder Screens indicator. That is, the trader will not have to analyze something on his own and draw any conclusions. The system will automatically calculate all possible entry points and provide the generated information in a convenient way.
On the other hand, the trader can independently process each signal using a window that summarizes the tools included in the Three Elder Screens. This process will be somewhat longer, but at the same time reliable. In this way, the trader will be able to better control the situation.
In this article, traders got acquainted with Elder 's Three Screens indicator. This tool has many advantages and, in fact, is a ready system for working with any currency pair. You may also be interested in the ZigZag indicator.