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Stretch indicator calculates the absolute difference between the open price and the high or low price. This indicator is used to calculate breakout thresholds in a trading session. It represents the minimum price deviation from the open.
How to trade with Stretch indicator?
A trader can place a buy order above the open price and the Stretch value, or a sell order below the open prices and the Stretch value. The stop loss level is determined by the first stop order that's been activated.
The more quickly the stop order is filled, the greater the chance that the entry will prove profitable. However, if the stop orders are not filled in time, the risk of losing the entry is increased. It is prudent to reduce the size of the entry. Orders placed at the end of the trading day are the most risky and should be avoided. This includes instances when the market is volatile before news releases.
Trading tip
To increase profitability it is recommended to use a trend indicator like Forex Freedom Bar indicators. This indicator uses CCI over four time frames or a simple 50 moving Average. To reduce market noise and trigger counter-trend orders, one stop order would suffice with either trend indicator.
Want to trade Forex using Stretch indicator for MT4 with a reliable broker? Open an account with any of the below AtoZ Markets approved forex brokers:
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on “Download Indicator” button located at the bottom.
- Save the file to your computer.
- Extract and move the files into MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select “Stretch indicator” template to apply it on the chart.
Note: Stretch indicator is developed by Pointzero-trading and was sent by an AtoZ Markets follower from France, John. AtoZ Markets does not carry any copyrights over this trading tool.
Should you trade using Stretch indicator on your own at all?
Before you start trading with this Indicator, you'll want to read this.
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