Super Arrow Indicator for MetaTrader4 Download - Free - [TF Lab]

The Super Arrow indicator is a popular tool in the MetaTrader 4 series that leverages a combination of indicators like RSI (Relative Strength Index), Bollinger Bands, Moving Averages, and a Magic Filter to effectively identify optimal reversal points and pivot highs and lows in trading charts. This indicator marks pivot lows with green arrows and pivot highs with red arrows. By integrating multiple indicators, the Super Arrow provides a robust filter that helps accurately discern the lows and highs in price charts. It is an invaluable tool for traders looking to pinpoint entry and exit points based on pivot signals.

Indicator Table

The image described shows the S&P 500 index chart with the symbol [US500] over one hour. Points A, B, and C are identified as pivot lows, where the indicator has issued buy signals marked by green arrows. Conversely, points D, E, and F represent pivot highs, where the indicator has issued sell signals marked by red arrows. This setup demonstrates how the indicator effectively uses color-coded arrows to signal optimal trading opportunities at pivotal points in the price chart, guiding traders on potential entries for buying and selling.

Overview

Using signals from a single indicator can be risky for trading, mainly when different indicators give conflicting signals simultaneously. Therefore, combining three or more indicators can help filter out high-risk signals and identify more reliable trade entry points. This method enhances decision-making by providing a more comprehensive view of market conditions. In such a multi-indicator system, when the market is bullish and a strong buy signal is present, the system will display a green arrow to indicate a buying opportunity. Conversely, when the market is bearish and there is a strong sell signal, a red arrow indicates a selling opportunity.

Buy Signals (Uptrends)

The image below shows the daily price chart of Bitcoin with the symbol (BITCOIN), where the indicator has identified major pivot levels at bottoms number 1 and 2 and issues a buy signal by displaying a green arrow. With the display of the buy signal, one can look for confirmations such as candlestick patterns, reversal patterns, etc., to enter a trade.

Sell Signals (Downtrends)

The image below shows the 4-hour price chart for gold with the symbol (XAUUSD), where the indicator has identified potential reversal points at major pivot highs 1, 2, 3, and 4, issuing a sell signal with a red arrow. Using classic support and resistance levels can be helpful in confirming the signals from this indicator.

Settings of the Super Arrow Indicator

• FasterMovingAverage: Set the fast-moving average to 5
• SlowerMovingAverage: Set the slow-moving average to 12
• RSIPeriod: The period for the RSI indicator should be 12
• MagicFilterPeriod: Set the period for the Magic Filter indicator to 1
• BollingerbandsPeriod: The period for Bollinger Bands is 10
• BollingerbandsShift: The shift for Bollinger Bands is set to zero
• BollingerbandsDeviation: Set the deviation for Bollinger Bands to 0.5
• BullsPowerPeriod: The period for the Bulls Power indicator is 50
• BearsPowerPeriod: The period for the Bears Power indicator is 50
• Alerts: Set the indicator alerts to True
• Utstup: Set the number to 10

Summary

The Super Arrow indicator is applicable in all trending and sideways markets (Trends-Sideways) and across multiple time frames (Multi-Timeframe). For example, one can execute a buy trade to use this indicator better whenever a buy signal (green arrow) appears at the bottom of a bullish channel. Conversely, in bearish channels, one can execute a sell trade whenever a sell signal (red arrow) is issued at the top of the channel.