The DM Sniper Oscillator MT4 forex indicator is a dotted styled signal oscillator that works for scalping, day trading and swing trading currency pairs.
The DM Sniper dots are positioned above and below the 0.00 level.
Here’s how to interpret the signal dots:
- Green dots positioned above the 0.00 level are considered bullish (look to buy)
- Red dots positioned above the 0.00 level are considered flat trend but still remain bullish (stay aside)
- Green dots positioned below the 0.00 level are considered bearish (look to sell)
- Red dots positioned below the 0.00 level are considered flat trend but still remain bearish (stay aside)
In order to yield great results with the DM Sniper Oscillator forex indicator, use in agreement with the overall trend.
Trend upward? Trade the green dots aligned above the zero line. Ignore red dots.
Trend downward? Trend the red dots aligned below the zero line. Ignore green dots.
The EUR/USD Daily chart below displays the DM Sniper Oscillator Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the DM Sniper Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Execute buy trade when the green sniper dots crosses back above the zero line from below (bullish).
Sell Signal: Execute sell trade when the red sniper dots crosses back below the zero line from above (bearish).
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 (draw style) 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 dm-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)