The Buy & Sell Cloud MT4 forex indicator is nice trend following cloud based trading indicator.
Price action above the green cloud is a sign to look for buy trade opportunities.
Conversely, price action below the red cloud is a sign to look for sell trade opportunities.
The indicator works on any timeframe and for all currency pairs including the majors, cross pairs and exotics.
For large up or down swings, it is a good idea to trail the stop-loss below the green cloud or above the red cloud.
Tip: Set risk-to-reward ratio to at least 1:2. For example, risking 30 pips to profit 60 pips.
The EUR/USD H1 chart below displays the Buy & Sell Cloud forex indicator in action.
Basic Trading Signals
Signals from the Buy & Sell Cloud forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the Buy & Sell Cloud forex indicator draws a green cloud (bullish).
Sell Signal: Go short when the Buy & Sell Cloud forex indicator draws a red cloud (bearish).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (TimeFrame) 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 forex-cloud-indicator.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)