In the world of Forex trading, the search for reliable tools is a never-ending endeavor. One such tool that has gained attention in recent years is the ICT Silver Bullet MT4, a versatile trading software designed to cater to the specific needs of Forex traders.
Understanding the ICT Silver Bullet MT4
The ICT Silver Bullet MT4 is a dynamic indicator catered towards trading the ICT Silver Bullet concept, ICT concepts, and Smart Money Concepts (SMC). It is designed to provide traders with an edge by identifying various market patterns and trends.
The software uses a subjective ZIGZAG-based method to identify patterns such as Fair Value Gaps (FVG), Market Structure: BOS and CHOCH, Swing High and Low that indicate potential buy and sell-side liquidity. It also identifies previous and current weekโs high and low, previous dayโs high and low, and back to three weeks open gap New York open price.
How Does The ICT Silver Bullet MT4 Work?
To utilize this indicator, one needs to load it onto their charts and update the settings as per the user guide. The indicator starts working at the opening of each new candle, plotting windows, levels, sessions, BOS, CHOCH, and FVG. It bases these elements on a loopback period.
From version v2.2 onwards, this indicator provides users with the ability to trade higher timeframes based on smart money concepts with the help of different visual aids. A customizable panel allows traders to dynamically Show/Hide any element without having to go back to the settings, making the charts less cumbersome and decision-making clearer.
ICT Silver Bullet Strategy Summary
The ICT Silver Bullet strategy, attributed to Michael J. Huddleston, also known as ICT, is a time-boxed setup that frequently repeats on Forex and indices. It trades on three-time windows: 3 AM to 4 AM, 10 AM to 11 AM, and 2 PM to 3 PM New York local time.
To make an entry, a fair value gap needs to be identified within the range, a market structure supporting the move up or down, and identifying at least a minimum trade framework of 10 points for indices and 15 pips for forex pairs. A more robust framework combines this entry with a draw on liquidity identified on the current weekโs high and low, previous dayโs high and low, and the current weekโs NWOG, previous sessionโs high, and low.
Independent Testing and Updates
For those interested in the ICT Silver Bullet MT4, independent testing of this product is available on the forexroboteasy.com website. You can also subscribe to updates on the results of testing this product to stay informed about its performance.
FAQ
Does the ICT Silver Bullet MT4 provide buy or sell signals?
No, this indicator does not provide buy or sell signals. It merely alerts you of a possible setup during the silver bullet windows. Itโs then up to the trader to analyze the current market conditions and decide whether to take the trade.
What is the best timeframe to work with when using the silver bullet strategy?
If youโre trading the silver bullet strategy, itโs best to work on 5-minute charts and lower.
Final Thoughts
The ICT Silver Bullet MT4 appears to be a comprehensive tool for Forex trading, offering a unique mix of features to help traders navigate the often turbulent Forex market. Itโs always advisable to test any new indicator on a strategy tester before incorporating it into your trading strategy.
We invite you to share your experiences with this product. Remember, this is an independent product review, and your feedback can help other traders in their journey towards successful trading.
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