The Dinapoli Targets forex indicator for MT4 is an easy to understand buy and sell trading indicator invented by Joe DiNapoli.
The indicator provides you with the buy/sell entry signal (white dotted line), the suggested stop-loss level (red dotted line) along with 3 profit target levels (green line, yellow line and purple line).
How to use the Dinapoli Targets forex indicator (3 steps)?
Step 1 :
Open a buy trade at the white entry line when the target levels are positioned above the white entry level line.
Open a sell trade at the white entry line when the target levels are positioned below the white entry level line.
For buy trades, place your protective stop-loss 3 pips below the red line.
For sell trades, place your protective stop-loss 3 pips above the red line.
Place your profit targets at the green, yellow and purple line.
Tip: You can close 1/3 of your open position at the green target line, 1/3 at the yellow target line and the remaining 1/3 at the purple target line.
The EUR/USD 4-Hour chart below displays the Dinapoli Targets Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Dinapoli Targets MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position at the white Dinapoli Targets entry line when the target levels (green, yellow and purple) are positioned above the entry line.
Take profit at the aforementioned target levels and place a stop-loss 3 pips below the red stop-loss line.
Sell Signal: Open sell position at the white Dinapoli Targets entry line when the target levels (green, yellow and purple) are positioned below the entry line.
Take profit at the aforementioned target levels and place a stop-loss 3 pips above the red stop-loss line.
Trade Exit : Take profit at the target levels (green, yellow and purple) or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (barn, length) 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 DinapoliTargets.ex4 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)