Download Rectangle Indicator for MT4 and MT5: A Powerful Tool for Accurate Chart Analysis
How to Download and Use Rectangle Indicator for Forex Trading
If you are a forex trader who uses supply and demand analysis, you may have heard of rectangle indicator. This is a handy tool that allows you to draw and modify rectangles on your price chart, which represent zones of support and resistance. In this article, we will explain what rectangle indicator is, how to download and install it on Metatrader 4 or 5, how to use it effectively, and what benefits it can bring to your trading.
download rectangle indicator
What is Rectangle Indicator and What Does It Do?
Rectangle indicator is a type of technical analysis indicator that helps you to mark areas of supply and demand on your chart. These areas are also known as rectangles, because they are bounded by horizontal lines that indicate the highest and lowest prices within the zone. Rectangles can be used as entry patterns for the continuation or reversal of an established trend, depending on how price breaks out of them.
Rectangle indicator has several features that make it easier for you to draw and adjust rectangles on your chart. For example, it can:
Automatically tick the timeframe checkbox under the rectangle's visualization tab, so that rectangles will only be visible on the timeframe where they are painted.
Automatically expand the rectangles to current candle + 5 candles to the right on every tick, so that they always cover the latest price action.
Calculate and display the distance in pips between the distal line (highest price) and the proximal line (lowest price) of the rectangle, as well as the price labels on both lines, so that you know where to set your entries and stop losses.
Allow you to automatically draw trendlines from left to right of the rectangle on H4, D1, and WK timeframes, so that you can assess how close or far you are from the higher timeframes, and how high or low you are in the supply and demand curve.
Not interfere with the automatic zones drawn by other indicators, such as Insanity Industries SD indicator, so that both your manual rectangles and the automatic ones can coexist.
Let you choose how many zones above and below current price will have trendlines painted, so that you can keep your charts as clean as possible.
Let you change the color and style of each trendline for each timeframe, so that you can easily distinguish them by their colors.
How to Download and Install Rectangle Indicator on Metatrader 4 or 5?
If you want to use rectangle indicator on your Metatrader platform, you need to download and install it first. Here are the steps to do so:
How to download rectangle indicator for Metatrader 4
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Go to this link and download the zip file that contains the RectangleReader.ex4 indicator under experts/indicators folder.
Open your Metatrader platform and go to File > Open Data Folder.
Navigate to MQL4 > Indicators (or MQL5 > Indicators if you use Metatrader 5) and copy-paste or drag-and-drop the RectangleReader.ex4 file into this folder.
Restart your Metatrader platform or refresh your indicators list by pressing Ctrl+R.
Open a new chart or an existing one where you want to use rectangle indicator and go to Insert > Indicators > Custom > RectangleReader.
Adjust the input parameters according to your preferences and click OK.
You should now see rectangles and trendlines on your chart, which you can modify manually or automatically by using the indicator's buttons on the top left corner of the chart.
How to Use Rectangle Indicator Effectively?
Now that you have installed rectangle indicator on your Metatrader platform, you may wonder how to use it to improve your trading performance. Here are some tips and tricks to help you get the most out of this indicator:
How to Draw Rectangles on the Chart and Adjust Them Manually or Automatically
To draw a rectangle on the chart, you need to use the rectangle tool from Metatrader's toolbar. You can either click on the icon or press F8 on your keyboard. Then, you need to click and drag on the chart to create a rectangle that covers the area of interest. You can adjust the size and position of the rectangle by dragging its edges or corners.
Alternatively, you can use rectangle indicator's buttons to draw and adjust rectangles automatically. There are four buttons that you can use:
The first button (with a plus sign) allows you to create a new rectangle based on the current candle's high and low. You can then move and resize it as you wish.
The second button (with a minus sign) allows you to delete the last rectangle that you created.
The third button (with two arrows pointing left and right) allows you to expand or shrink the current rectangle by one candle at a time.
The fourth button (with a lock icon) allows you to lock or unlock the current rectangle, so that it will not be affected by the automatic expansion feature of the indicator.
How to Interpret the Information Displayed by Rectangle Indicator
Rectangle indicator provides you with useful information about each rectangle that you draw on the chart. For example, it shows you:
The distance in pips between the distal line (highest price) and the proximal line (lowest price) of the rectangle, which indicates how wide the zone is.
The price labels on both lines, which indicate where to set your entries and stop losses.
The trendlines from left to right of the rectangle on H4, D1, and WK timeframes, which indicate how close or far you are from the higher timeframes, and how high or low you are in the supply and demand curve.
You can use this information to plan your trades accordingly. For example, you can:
Look for breakouts or reversals from the rectangles, depending on whether they are aligned with the trend or against it.
Use the distal line as a target for breakout trades, or as a stop loss for reversal trades.
Use the proximal line as an entry point for breakout trades, or as a target for reversal trades.
Use the trendlines as confirmation or rejection points for your trades, depending on whether they support or oppose your trade direction.
How to Trade with Rectangle Indicator Using Breakout or Reversal Strategies
Rectangle indicator can help you to trade with two common strategies: breakout and reversal. Here is how you can apply them using this indicator:
Breakout Strategy
A breakout strategy involves entering a trade when price breaks out of a rectangle in the direction of the trend. For example, if price is in an uptrend and breaks above a rectangle, you can go long. Conversely, if price is in a downtrend and breaks below a rectangle, you can go short.
To trade with a breakout strategy using rectangle indicator, you can follow these steps:
Identify the trend direction using higher timeframes or other indicators.
Draw a rectangle that covers an area of consolidation or retracement within the trend.
Wait for price to break out of the rectangle in the direction of the trend.
Enter a trade at the proximal line of the rectangle or at a pullback after By Simplifying Your Chart Analysis
If you are a busy or lazy trader, you know how time-consuming and tedious it can be to analyze your charts and draw your zones manually. You may also have to deal with multi