Master Point Indicator: User guide
So what is the Master Point Indicator? Here’s the description from the mql5 market:
Master Point is an indicator set that includes the most powerful and necessary tools for a trader, giving that very edge in the markets to be successful. The indicator has a complex system for analyzing the market for reversal/trend patterns. It has tools such as trend reversal detection, pivot points, divergences, currency strength and ‘candle strength’. All this makes the indicator a complete tool that does not require any other indicators!
So it’s a powerful complete system that gives intelligent technical analisys.
TIMEFRAMES: SUITABLE FOR M15-H4 || WORKS WITH CURRENCIES, INDEXES, STOCKS, CRYPTOS
1. Signal label– depending on the settings, it shows the “Buy”/”Sell” label, which is a recommendation to open a trade.
2. Cloud– shows bullish/bearish trend.
3. Sar lines– Parabolic Sar line is used as a signal to close a trade.
4. Signal bar– a confirmation bar (price action, divergence) that confirms the direction of the trend.
5. Exit label– label that shows a good point for exiting a trade.
6. Pivot points– can be used for take-profits.
How to trade:
There are three options for opening a trade:
a) You open a trade when a trend changes (the cloud changes it’s color from blue to red, and vice versa).
b) After a trend change, wait until a signal bar appears and then open a trade.
Additionally: if you use the currency strength indicator, it is also recommended to enter a trade, then the currency strength lines cross (also shown with verical line).
Which options to choose: It’s all depends on a currency pair. For example XAUUSD works very well with signal bars, that is with price action and divergence.
On other hand CADJPY can be easily traded using the trend clouds. Information on the dashboard will say what is profitable, and what is not for a choosen pair.
How to exit trades:
As with the entry points there are two options of how you can exit your trades:
1) Pivot levels– the levels can be used as points where you can close trades partially or completele exit a trade.
2) Parabolic Sar– the line signals a probabale trend change. So whenever the indicator changes to bullish or bearish, it’s recommended to close a trade completely.
The indicators profit dashboard will show what exit strategy is more profitable, since the indicator has an option to show profit depending on a chosen exit strategy. (more informaton in the ”Inputs description’).
The description of the inputs:
Minimum break (seconds) for alert:after how many seconds the indicator can send another alert.
Notify type for a trend change:type of notification when trend cloud changes it’s color.
Notify about a signal bar:type of notification when a signal bar appears.
Notify about a currency strength cross:type of notification when currency stregth lines cross.
Sensitvity: The higher the value, the less market noise, but also the fewer transactions.
Show pivots levels:enable pivot level lines (support and resistance)
Pivot points hour shift:if your broker uses GMT standart (EET/EEST) times, when nothing should be changed in this input. However, if your broker uses GMT 0 for example, when shift should -2 during winter time, and -3 during summer time.
Currency Strength Settings
Enable currency strength:enable currency strength lines.
Currency strength prefix: if your broker uses prefix for the currency pairs, then it should be specified here. For example, if the broker specifies EURUSD pair as ‘cent.EURUSD’ then ‘cent’ should be typed here.
Currency strength suffx:same as with prefix, if your broker uses suffix it should be specified here.
Currency strength timeframe: what timeframe will the currency strength data be taken from?
Currency strength count bars:maximum bars from the chart can be used for the currency strength indicator.
Visual theme:color theme for the chart.
Main buy color:color for bullish cloud, sar and signal bar.
Main sell color:color for bearish cloud, sar and signal bar.
No signal color:color for profit lines, and pivot lines.
Pivot/currency strength buy color:color for support lines.
Pivot/currency strength sell color:color for resistance lines.
Profit tags offset(points):offset in points from the ‘buy’/’sell’ labels on the chart.
Caclulate profits:enable profit calucalation.
Calculate trades only for the first N bars:used only when ‘signal bar’ entry strategy is used. If ‘Buy’/’Sell’ value appears after specified bars then, the recommendation to buy or sell wll be skipped.
Entry point type: for which type of strategy the indicator should calculate profits.
Which pairs are recomended for this pair.
Pairs that generally range well, such as EUR/USD, GBP/JPY, USD/JPY, EUR/AUD, CADJPY, AUDJPY, XAUUSD and so on. H1 is a standart time. Stocks and crypto also work exceptionally well with Master Point.