The 4-ma-strength-indicator for Metatrader 4 delivers buy and sell signals in a separate window below the main chart.
It consists of 4 moving averages with different period (can be fully customized).
Green bars above the zero level indicate the trend is bullish and traders look to go long.
Purple bars below the zero level indicate the trend is bearish and traders look to go short.
A blank space between the colored bars suggests the trend is flat or range-bound.
This indicator can be used for scalping, day trading and swing trading on any currency pair.
The EUR/USD H1 chart below displays the 4-ma-strength-indicator forex indicator in action.
Basic Trading Signals
Signals from this indicator are easy to interpret and goes as follows:
Buy Trade: Open buy at the first green histogram bar.
Sell Trade: Open sell at the first purple histogram bar.
Close the open trade at an opposite signal (green to purple or purple to green), or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Ma1_Period, Ma2_Period, Ma3_Period, Ma4_Period, Shift, TimePeriod, ShowDays) 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 4-ma-strength-indicator.mq4 indicator 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)