Envelopes ‘Out’ Arrow Alert Indicator (MT4 and MT5)

• Version
• Download 469
• File Size 40.07 KB
• File Count 1
• Create Date September 24, 2019
• Last Updated February 27, 2025

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Envelopes ‘Out’ Arrow Alert Indicator (MT4 and MT5)

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This indicator will generate an arrow alert whenever the price/candle crosses and closes 'OUT' below the bottom envelopes band or above the top envelopes band. Top band indicates a potential SELL signal and bottom band indicates a potential BUY signal.

This indicator should only be used with or as part of a reliable, consistent working strategy that requires the use of the Envelopes Indicator.

Notes and recommendations: As this is an envelopes indicator, the default settings works well on the 1 or 5 minute chart/time-frame, however you may choose to decrease/increase the deviation setting to narrow or widen the bands to get more or less signals depending on the particular time-frame you are using. If you choose to use other higher time-frames then the period and deviations settings will need to be adjusted to best suit the different market ranges. Works well with ranging markets. Avoid using during 15-20 minutes before and after medium/high impact news and opening hour of major market sessions. Should only be used with a reliable strategy, proper market analysis and added confirmations to suggest high probability win trade. Take caution during NFP (Non-farm payroll) week, try to avoid trading during NFP week.

Arrow Style Types Table: (Go to Arrow Styles Types page for more details and instructions)

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