MetaTrader’s Phoenix indicator is a Forex trading indicator. It was created by using multiple tools, including envelopes and SMA. These trading tools evaluate potential price reversals. The algorithm tracks the beginning and end of any new trend, then displays that information as BUY/SELL Arrows.
This indicator can be used to identify short-term BUY/SELL trading opportunities (trend reversal), in the financial markets. It is great for day/intraday and scalping. You can use it by advanced, novice and intermediate forex traders.
Phoenix Indicator: How to Trade
This is how it would appear on your MT4 platform.
Phoenix is not an indicator that can be used alone to indicate BUY/SELL. This indicator should be used in conjunction with other technical indicators such as price action or other price actions.
First, watch for the indicator’s blue signal arrow to indicate a possible reversal towards the upside. In sync to price action, you may open a BUY Order (e.g. bullish engulfing). You can use the BUY principle to also generate a SELL signal.
Phoenix indicator for MT4 can be used to identify trend reversal. It is easy-to-use and charts-friendly. However, the indicator is vulnerable to false signals. Therefore, additional analysis is necessary before you open a position. It is also free to download.