The Cross Dot Metatrader 4 forex indicator is a simple trend following buy and sell signals technical MT4 indicator.
The indicator uses a slow moving average and fast moving average to generate its signals.
For scalping and day trading I highly suggest to change its default indicator setting to period 50 or up for the SlowPeriod (found in the indicator’s inputs tab).
Signals will come slower but will be more profitable, less false signals will be generated.
This is important when trading of the smaller timeframe’s (M1, M5, M15).
Experiment with this setting to fit your needs.
Another option is to use the default Cross Dot forex indicator together with other indicators or analysis tools.
The AUD/JPY 5-Minute chart below displays the Cross Dot Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Cross Dot MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when a green cross dot appears on the chart .
Sell Signal: Open sell trade position when a red cross dot appears on the 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 (Slow Period, Fast Period) 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 cross-indicator.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)