The Discipline Arrows forex indicator for the Metatrader 4 platform is a trend following oscillator which displays buy and sell arrows on the activity chart.
The trend following oscillator shows bullish and bearish area’s in a sub window underneath the main chart.
A green colored area represents a bullish trend while a red colored area represents a bearish trend.
In order to make it easy for anyone, the forex indicator generates buy and sell arrow signals in the direction of the bullish/bearish trend on the activity chart.
- A blue arrow represents a buy signal
- A red arrow represents a sell signal
For more reliable trading signals from this forex indicator, set the period to 50 or higher.
Scalpers, day traders and swing traders can benefit from the Discipline Arrows Oscillator indicator.
For scalping and day trading, use it during the London and New York trading sessions on low spread pairs.
The EUR/USD 5-Minute chart below displays the Discipline Arrows Oscillator Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Discipline Arrows Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the indicator draws a blue arrow on the chart.
Sell Signal: Open sell trade position when the indicator draws a red arrow on the chart.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (period, price, mode fast, signals) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend oscillator
Copy and paste the discipline-oscillator.mq4 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)