Many beginner traders have a problem with determining the trend and the price direction. By using the Varchev Trend Levels indicator, this issue is no longer relevant. It is included in Meta Trader 4 Essential Edition, which can be downloaded from the link.
The indicator automatically detects support and resistance levels and short-range tops and bottoms on the graph, allowing traders to easily determine the movement. It can be used on any timeframe, but we still recommend using H1 + to have the right risk / reward ratio. The MT4 add on is based on the popular ZigZag indicator and shows the horizontal and approximately horizontal levels where we can search for appropriate Japanese candlesticks signals. It also shows the structural horizontal levels of the trend where, in the event of a break, we can position ourselves correctly in the direction of the trend.
To increase your performance with this indicator, we recommend adding a suitable oscillator, such as DeMark (14) and Fibonacci.
In the following example, support levels that match Fibonacci 38.2 and the DeM (14) reversal in oversold zone below 0.3 are indicated. At these points we can look for long positions and alternatively for short positions we will look for a turn from a overbought zone above 0.7.