As the name suggests, the Elite Swing Trader System indicator for Metatrader 4 is a complete Forex trading system that can be used by anyone.
The indicator is based on momentum, round levels, and candlestick confirmation patterns.
The indicator appears in the main chart window as a dashboard that suggests when it’s save to buy & sell currency pairs based on its analysis.
According to the original developer, the indicator delivers the best trading results when attached to the higher time frames (H1, H4, D1).
Key Features
- Complete Forex system
- Easy to follow
- Newbie friendly
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a buy & sell trend confirmation tool.
Free Download
Download the “eliteswingtrader_indicator.ex4” MT4 indicator
Indicator Example Chart
The USD/CAD 1-hour chart below shows the Elite Swing Trader System in action.
Basic Trading Signals
BUY:
- A buy signal is given when the Elite Swing Trader System displays to enter the buy trade in the dashboard.
- Enter the exact stop loss suggestion for the buy trade.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- A sell signal is given when the Elite Swing Trader System displays to enter the sell trade in the dashboard.
- Enter the exact stop loss suggestion for the sell trade.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download Now
Download the “eliteswingtrader_indicator.ex4” MT4 indicator
Enhanced Trading Strategy: Combining Elite Swing Trader System with Swing Level Indicator
Overview
To improve the reliability of trade signals, this strategy integrates the Elite Swing Trader System with the Swing Level Forex Indicator.
While the Elite Swing Trader System provides buy and sell signals based on momentum, round levels, and candlestick patterns, the Swing Level Indicator identifies key support and resistance levels, helping to confirm potential trade entries and exits.
Required Indicators
- Elite Swing Trader System: A complete Forex trading system that provides buy and sell signals through a dashboard based on momentum, round levels, and candlestick confirmation patterns.
- Swing Level Forex Indicator: Identifies and displays swing high and low levels on the chart, which can act as support and resistance zones.
Trading Rules
Buy Setup
- Wait for the Elite Swing Trader System to display a buy signal on its dashboard.
- Confirm that the price has broken above a recent swing high level identified by the Swing Level Indicator, indicating a potential bullish breakout.
- If both conditions are met, enter a long position.
- Place a stop loss below the nearest swing low level.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2 or exit when the Elite Swing Trader System provides a sell signal.
Sell Setup
- Wait for the Elite Swing Trader System to display a sell signal on its dashboard.
- Confirm that the price has broken below a recent swing low level identified by the Swing Level Indicator, indicating a potential bearish breakout.
- If both conditions are met, enter a short position.
- Place a stop loss above the nearest swing high level.
- Set a take profit target based on a risk-to-reward ratio of at least 1:2 or exit when the Elite Swing Trader System provides a buy signal.
Tips for Implementation
- Apply this strategy on higher time frames (H1, H4, D1) as recommended for the Elite Swing Trader System to reduce market noise.
- Use additional tools like trend lines or moving averages to further confirm trade setups.
- Always test the strategy on a demo account before applying it to live trading.
Strategy Conclusion
By combining the Elite Swing Trader System’s comprehensive trade signals with the Swing Level Indicator’s identification of key support and resistance levels, traders can enhance the accuracy of their entries and exits.
This integrated approach aims to provide more reliable trading opportunities in various market conditions.
Technical Parameters & Settings
S1, S2, email alerts, sound alerts, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: system
How to install the Elite Swing Trader System indicator in Metatrader 4?
- Copy and paste the eliteswingtrader_indicator.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
