4Coral line system | Forex indicator download - MT4/MT5 resources

The long-period coral line determines the direction, and the combination of the break line and the short-period coral line is used to decide where to open an order.

This system includes the time factor by counting the number of candles (10 candles above coral)

Main indicators :

1. 4 coral systems: Coral200, Coral60, Coral20, Coral10;

2. MACD (12, 26, 9) has a divergence prompt;

Market information tool indicators:

ATR value Display.ex4; SpreadandRange.ex4; SR Alerts-AP V3.ex4 (for breakout alerts);

This number is based on your observations and the characteristics of the currency pair you trade;

Based on this, decide whether to use horizontal or inclined fracture lines.

If the number of candles is less than 10, use horizontal break lines;

When the number of candles is greater than 15, if a sloping break line can be drawn, a sloping break line is used. If it cannot be drawn, a horizontal line is still used.

The function of coral 10\20 is to help draw the partition line.

If you cannot draw a diagonal line, use a horizontal line;

If previous price fluctuations were too dramatic, you can use horizontal lines (pay attention to divergence as well);

1. Direction: Coral200 and Coral60 determine the direction :

Both are rising, only go long;

Both are down, only short;

One wave is down/up and the other is up/down, draw a horizontal break line and let the market tell us the direction.

2. Admission conditions:

Trade when price breaks above the line;

The closing price of the candle must be above or below Coral200 and Coral 60;

Do not enter even if all entry conditions are met:

If the price crosses Coral200 Coral60 from time to time and experiences sloping price movements;

If the price crosses coral200 Coral60, the price range becomes wider and wider;

3. Set stop loss:

Set stop loss based on ATR value (2x or 3x).

4. Exit:

Candle price closes above Coral 10 (partial exit or full exit);

Candle price closes above Coral 20 (partial exit or full exit);

Candle price closes above Coral 60 (partial exit or full exit);

Candle price closes above Coral 200 (partial exit or full exit);

MACD has an opposite crossover (partial or full exit);

There is a divergence in MACD (partial or full exit);

If you exit Prati, move the SL based on the ATR value.

Divergence means resistance or support.

Resistance or support is a concept of an area, not a point.

You cannot trade divergences, nor can you trade resistance or support .

You can only trade verified S/R or price divergences.

So when there is a divergence, find the S/R, use the break line, and wait for the breakout.

Attached picture (click to enlarge)