The Arrows BDPC forex indicator for Metatrader 4 draws a trading buy/sell signal line above or below the currency price.
A line drawn below the price means the price is up trending, conversely, a line drawn above the price means the pair is down trending.
The BDPC indicator also draws buy and sell arrows on the chart, blue to buy and red to sell.
This indicator can be applied to any forex pair and timeframe.
The GBP/USD H4 chart below displays the Arrows BDPC forex indicator in action.
Basic Trading Signals
There are two possible ways to trade this MT4 indicator
1. Trade the line signal:
Buy Trade: Go long when the purple line is aligned below the price.
Sell Trade: Go short when the purple line is aligned above the price.
2. Trade the arrows:
Buy Trade: Open buy order when the indicator plots a blue arrow on the trading chart.
Sell Trade: Open sell order when the indicator plots a red arrow on the trading chart.
Close Trade: Use your own method of trade exit or wait for an opposite signal to occur.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Percent, MaxPeriod) 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 bdpc-percent.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)