The MT4 Point Of Interest Indicator is a valuable tool designed to aid traders in identifying and marking significant points of interest (POI) on their trading charts. These points, such as order blocks and fair value gaps, play a crucial role in developing effective trading strategies. However, manually marking these points on a chart can be a time-consuming and tedious process. That’s where the POI Indicator for MT4 comes in – it simplifies the process and enhances it with smart features.
The ‘Smart Money’ POI Indicator introduces innovation to the world of trading. It allows you to manually place a highlighted box at any point of interest, whether it’s an order block or a fair value gap. What makes it truly innovative is that it automatically sets a 50% Fibonacci level line for that particular POI. Additionally, it provides alerts in various forms, including popups, push notifications, and emails. These alerts trigger when the price touches the outline of the POI box, surpasses it, or reaches the 50% Fibonacci line.
- Manual Highlighting with Convenience: You can add a POI Box to any MT4 chart using the backslash ( \ ) key, making a once cumbersome task remarkably straightforward.
- Automated 50% Fibonacci Line: The indicator automatically identifies the midpoint or the 50% level of any POI you highlight, eliminating guesswork and ensuring precision.
- Instant Alerts: Whether the price touches the POI box outline, surpasses the box, or reaches the 50% Fibonacci line, the system ensures you receive alerts through popups, push notifications, and emails. This feature helps ensure you never miss a critical event on your chart.
It’s important to note that the Smart Money Indicator is not a standalone trading system but serves as a valuable addition for chart analysis, trade exit position identification (TP/SL), and more. Traders of all experience levels can benefit from this tool, and it is recommended to practice trading with it on an MT4 demo account until you are consistently proficient and confident enough to trade live. Most Forex brokers offer the option to open both real and demo trading accounts.
The Significance of the 50% (Equilibrium) Line
For experienced ‘smart money’ traders, the 50% equilibrium line holds great importance. Robust order blocks or fair value gaps should ideally not be breached at this 50% mark. Therefore, trade entries are often best placed between the opening and the 50% level of the POI. Recognizing this significance, the POI Indicator simplifies the marking process, making it almost effortless.
Before the introduction of this tool, traders often found themselves in a loop, having to go through several steps to mark a POI, use the Fibonacci tool, and create a 50% level line. The POI Box and 50% Fib indicator streamlines this process, saving time and ensuring accuracy.
How to Use MT4 Point Of Interest Indicator
Using the MT4 Point Of Interest Indicator is straightforward:
- Click anywhere on the MT4 chart where you want to mark a point of interest.
- Press the backslash ( \ ) key.
- A new POI box will appear at your selected location. You can drag it to your desired point of interest and adjust its dimensions.
- The indicator will automatically configure the 50% Fibonacci line, displaying it along with the price on the right side of the chart.
You can mark multiple points of interest by adding multiple boxes, transforming your chart into a canvas for well-informed trading decisions.