The 4 Moving Average System Trend forex indicator for Metatrader 4 is a simple to use moving average crossover system that consists of 4 moving averages.
This type of crossover system tends to give more reliable buy and sell forex signals for any trade style.
So, it can be used for scalping, day trading and swing trading purposes without any problem.
Use it as a standalone or in agreement with other technical currency indicators.
How it works
A buy signal occurs when the candlestick crosses and closes above the 4 moving averages lines from below.
A sell signal occurs when the candlestick crosses and closes below the 4 moving averages lines from above.
Feel free to change the default indicator period settings to suit your trading style.
Download the “ema-trend-indicator.mq4” MT4 indicator
The EUR/USD 4-Hour chart below displays the 4 Moving Average System Trend Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the 4 Moving Average System Trend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the currency pair when price crosses and closes above the 4 moving averages lines from below. Place a protective stop-loss below the lower yellow or purple MA line.
Sell Signal: Sell the currency pair when price crosses and closes below the 4 moving averages lines from above. Place a protective stop-loss above the upper yellow or purple MA line.
Trade Exit : Use your own method of trade exit.
Download the “ema-trend-indicator.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (fast MA period, slow MA period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the ema-trend-indicator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)