Chart Projection Indicator

What do forex traders want most? To know 2 things:

1. What trend will be in effect in the near future: bullish or bearish? To open an appropriate position.
2. When a bullish or bearish trend will be over. To close a position with profit.

The Chart Projection Indicator for MT4 answers both questions.

Here’s what you’ll see when you add the indicator to your price chart:

The green ZigZag line is the previous price action.

The orange ZigZag line is the expected price action.

The green rectangles are the expected support and resistance zones.

In the case displayed on the chart above, the indicator shows that the price should turn down from the resistance zone and fall to 1.0151.

The indicator just shows the future? Completely on automatic? Super! How is that possible?

How the Chart Projection indicator works

The work is based on 2 things:

• classic technical ZigZag indicator;
• automatic optical algorithms;

The ZigZag indicator breaks the price chart into a sequence of bullish and bearish waves.

Optical algorithms then analyze the bullish and bearish waves, find so-called Points of Interest (POIs), and use them to predict future price movement.

The author of the indicator, Lorentzos Roussos, keeps the features of the optical algorithms a secret. Well, that’s his right. But he offers 7 variants of optical algorithms free of charge:

1. Simple
2. Simple Specific
3. Flexible Specific
4. Longscope Simple
5. Longscope Flexible
6. Complex
7. S+R
8. Original

Which is the best indicator for MT4?

Definitely, the Chart Projection indicator for MT4 can be the best forex indicator for you because of its advantages:

• It simply points to future price You don’t have to analyze anything!
• It works on any forex chart.
• The author shared that optical algorithms kind of look at charts the way people do. This is how the indicator models human behavior.
• It indicates points to take profit – this allows you to control the risks.
• The Chart Projection indicator can be used to determine the relative strength of the currency, or as a trend
• It has a super nice interface!

Among the great features of the Chart Projection indicator for MT4:

• the ability to plot Renko charts (click on the button indicated by the number 1), Heiken Ashi charts, and others;
• ability to calculate the relative strength of a currency;
• the ability to calculate trend strength;

On the other hand, the indicator has disadvantages:

• Sometimes the indicator By the way, the author does not consider it a flaw, but calls it a peculiarity of the algorithm.
• Difficulties with checking on the history. The indicator does not work in the standard MT4

The large number of positive reviews makes it clear that the Chart Projection indicator is worth your attention, so be sure to download it. It’s free!

Chart Projection Buy Signal

The GBPUSD forex chart below shows a buy signal, which should trigger soon.

How to trade:

• Wait for price to reach the bottom point on the orange ZigZag line.
• Open a long position.
• Place a stop-loss below the support zone.
• Place a take-profit around the upper point on the orange ZigZag line.

Pay attention to the risk:reward ratio. It should be at least 1:2.

Chart Projection Sell Signal

The chart below shows an example of a sell signal in the USDCAD market.

How to trade:

• Price is near the upper point of the orange line – this is a signal to open a short
• Place take-profit near the bottom of the orange
• The resistance zone is too high, so either you can wait for the next setup, or you can lower the stop-loss so that the risk:reward is 1:2.

Conclusion

As the name of the indicator implies, its main purpose is to indicate the future price movement. For this purpose it uses the classic technical indicator ZigZag, as well as “secret” optical algorithms.

Additionally, the Chart Projection indicator can be used:

for automatic drawing of support and resistance zones;

trend strength definition;

construction of non-standard price charts.

Of course, the Chart Projection indicator does not magically predict the future, but it can be a super solution for novice Forex traders, as it is very easy to use the indicator, including – for calculating risks.

Before you start using the Chart Projection indicator, practice on a demo account. Make sure that the indicator projections are correct in most cases, and only then risk real money.

Download and install the Chart Projection Indicator for MT4 for Free Now!