Super Arrow Indicator for MetaTrader5 Download - Free - [TF Lab]

The Super Arrow indicator is part of the MetaTrader 5 indicator series, which combines signals from multiple indicators to provide the most likely signals for reversal points and pivot highs and lows.

This combination includes the RSI, Bollinger Bands, Moving Average, and Magic Filter indicators, identifying lows with green arrows and highs with red arrows.

Indicator Table

In the displayed image, the 15-minute price chart of Dogecoin with the symbol [DOGECOIN] shows points A and B as swing lows, where the indicator has issued buy signals (Buy) with green arrows.

Additionally, points C and D represent swing highs, where the indicator has issued sell signals (Sell) with red arrows.

Overview

When different indicators issue conflicting signals simultaneously, traders can confuse their decision-making, leading to significant risks in their trades.

To mitigate this, combining multiple indicators can help filter out false signals, resulting in more reliable trades. 

The Super Arrow indicator identifies potential lows (valleys) with a green arrow when the upcoming trend is bullish, and multiple indicators show buy signals.

 Similarly, it marks potential highs (peaks) with a red arrow when the future market trend is bearish and multiple sell signals are present.

This approach helps traders make more informed decisions by focusing on the most probable points for trend reversals.

Buy Signals (Uptrends)

The image below shows the 4-hour chart of the S&P 500 index with the symbol (US500). The indicator has identified the major valleys at points 1 and 2, which are vital starting points for trends, and marked these with green arrows as buy signals (Buy).

With the appearance of these buy signals, traders can prepare to enter a buy position by considering support levels (Support) and confirmations such as candlestick patterns, classic patterns, chart patterns, trend lines, and channels.

Sell Signals (Downtrends)

In the image below, the 1-hour chart of the NZD/USD currency pair is shown. The indicator has identified the major peaks at key trend initiation points at major pivots 1 and 2. At the highs where the MT5 Signal and Forecast indicator has displayed a red arrow, there is potential for a price reversal, and it has issued a sell signal (Sell).

 Utilizing trend lines, static resistance levels, and reversal patterns can help confirm these sell signals provided by the 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 time period for the RSI indicator should be 12;
• MagicFilterPeriod: Set the time period for the Magic Filter indicator to 1;
• BollingerbandsPeriod: The time 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 time period for the Bulls Power indicator is 50;
• BearsPowerPeriod: The time period for the Bears Power indicator is 50;
• Alerts: Set the indicator alerts to True;
• Utstup: Set the number to 10;
• Shift: The shift of the indicator is set to zero.

Summary

Identifying lows and highs (valleys and peaks) is the primary goal for traders in financial markets. By leveraging signals from various indicators, the Super Arrow indicator can identify points with the highest potential to become major and critical market lows and highs.

 It can be used across all financial markets and different timeframes. It is also recommended to combine its signals with other analytical tools, such as price channels, regression channels, Fibonacci levels, and divergences, for more robust trading decisions.