The Ehlers Histogram Forex Oscillator for Metatrader 4 is a simple, yet profitable buy/sell histogram indicator that works very well in trending markets.
After loading the Ehlers indicator to the Metatrader 4 chart, it appears in a separate window underneath the activity chart in the form of a colored buy/sell histogram.
A blue colored histogram represents a buy trend while a red colored histogram a sell trend.
That’s basically all you should know about it to get started with the indicator.
- Blue Ehlers histogram bars suggest that the market is trending up.
- Red Ehlers histogram bars suggest that the market is trending down.
- Works for any trade style (scalping, day trading, swing).
- Simple to use, even for absolute beginners.
- Can be deployed as a standalone buy/sell signals indicator.
- Does not repaint histogram bars.
Feel free to experiment with the different indicator’s inputs settings to suit your needs and preferences.
The GBP/USD 30-minute chart below displays the Cog RSI Histogram Forex Signals MT4 indicator in action.
Basic Trading Signals
Signals from the Ehlers Histogram Oscillator indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the first blue Ehlers histogram bar appears on the chart.
Set a stop loss 2-5 pips below support or use your own preferred stop loss strategy.
Take profit when the first red histogram bar appears on the chart, or use your own exit strategy.
Sell Signal: Open a sell trade as soon as the first red Ehlers histogram bar appears on the chart.
Set a stop loss 2-5 pips above resistance or use your own preferred stop loss strategy.
Take profit when the first blue histogram bar appears on the chart, or use your own exit strategy.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (TPSS period, TPSS price) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the ehlers-histogram-oscillator.ex4 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)