The Bykov Trend Signals MT4 indicator is based on the ByKov formula and draws trend following buy and sell arrows on the chart.
An Aqua up pointing arrow indicates a long trade opportunity while an magenta down pointing arrow indicates a short trade opportunity.
The default Bykov Trend SSP setting is set to 5 but can be changed to whatever value you want.
If you want to use this trend following indicator as a stand-alone, change the SSP setting to at least 50 and above.
By doing so, the signals will come slower but will be much more reliable.
Experiment with this important indicator setting.
For scalping and day trading, use the M5 and M15 trading charts during the London and New York trading sessions.
For swing trading, use the Bykov forex indicator on the H1, H4 and D1 trading charts.
The USD/JPY M15 chart below displays the Bykov Trend Signals Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Bykov Trend Signals Metatrader 4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long when the indicator paints an aqua buy arrow on the activity chart.
Sell Signal: Go short when the indicator paints an magenta sell arrow on the activity chart.
Trade Exit: Close the open buy/sell forex position 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 indicator
Customization options: Variable (Risk, SSP, CountBars) 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 bykovtrend-sig.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)