The Ashi Trend Signal indicator for MT4 is a trend following indicator based on the popular Ashi technical indicator.
This indicator draws buy and sell trading arrows in a separate window below the activity chart.
A blue arrow to buy and a red arrow to sell.
As a standalone forex indicator, the Ashi Trend Signal tends to provide more reliable signals on the higher timeframe’s such as the H1, H4, and D1.
For day trading and scalping purposes (M1, M5, M15 charts), it’s in your own interest to combine the Ashi Trend with a longer period trend following indicator.
Examples include: moving averages, exponential moving averages, ADMI, Bollinger Bands,…
Trade in the overall direction of the trend as indicated by the longer period trend following indicator.
Free Download
Download the “shin-ne-ashi.mq4” MT4 indicator
Example Chart
The EUR/USD D1 chart below displays the Ashi Trend Signal forex indicator in action.
Basic Trading Signals
Signals from the Ashi Trend Signal forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the indicator draws a blue arrow on the chart (bullish).
Sell Signal: Open sell position when the indicator draws a red arrow on the chart (bearish).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download
Download the “shin-ne-ashi.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (nShinNe, nBar, bAlert) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend
Installation
Copy and paste the shin-ne-ashi.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)