The Bulls Vs Bears Forex signals Metatrader 4 indicator provides buy and sell signals based on the traditional Bulls Vs Bears technical indicator.
This advanced version displays its signals in the form of an easy to read dual colored histogram.
Interpret the Bulls Vs Bears dual colored buy/sell histogram as follows:
- A blue Bulls Vs Bears histogram bar represents a buy signal.
- A red Bulls Vs Bears histogram bar represents a sell signal.
The default period is set to 14. This is great for scalping and day trading.
For swing trading purposes, set the value to 20 or higher.
It’s recommended to open buy and sell trades at the first available blue or red bar after the histogram changes color.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The CAD/CHF 1-Hour chart below displays the Bulls Vs Bears Histogram Metatrader 4 Forex Signals indicator in action.
Basic Trading Signals
Signals from the Bulls Vs Bears Histogram MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a long trade when the Bulls Vs Bears Histogram signals indicator changes its colored bars from red to blue. The trend is now upward.
Place a stop loss below support or use your own preferred SL method.
Take profit at an opposite sell signal or at fixed profit target.
Sell Signal: Open a short trade when the Bulls Vs Bears Histogram signals indicator changes its colored bars from blue to red. The trend is now downward.
Place a stop loss above resistance or use your own preferred SL method.
Take profit at an opposite buy signal or at fixed profit target.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (period indicator, bars for average price, percentage level up, percentage level down) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: bulls bears
Copy and paste the iBearsBulls_Advanced_Histo_v1.0.ex4 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)