The Double EMA Trading indicator for MT4 consists of two exponential moving averages with period set at 144 and 169 respectively.
The two EMA’s indicator creates a trading channel with bullish and bearish bias.
Signals from this Metatrader4 indicator are easily to spot:
Price action above the 2 EMA channel indicates price is bullish and traders look to open a buy trade.
Price action below the 2 EMA channel indicates price is bearish and traders look to open a sell trade.
The default EMA periods are set to 144 and 169 but can be changed to whatever you need.
The Double EMA Trading indicator can be used as a standalone forex indicator or mixed with other technical indicators.
For scalping purposes, use it on 5-minute charts during the most volatile trading sessions.
The EUR/USD 1-Hour chart below displays the Double EMA Trading Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Double EMA Trading MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade position when price breaks and closes above both EMA’s from below.
Sell Signal: Open a sell trade position when price breaks and closes below both EMA’s from above.
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 (EMA period 1, EMA period 2) 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 begashole-indicator.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)