The Forex Blau Balance indicator is a no repaint buy and sell signals MT4 oscillator.
Signals from the indicator are easy to trade:
- A green dot represents a buy signal.
- A red dot represents a sell signal.
It’s an excellent signal indicator for scalping and day trading currency pairs.
It’s recommended to use Forex Blau during the London and New York sessions for best performance.
Use on low spread forex pairs such as EUR/USD, GBP/USD, AUD/USD and USD/JPY.
The EUR/USD 5-Minute chart below displays the Forex Blau Balance Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Forex Blau Balance MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy when a green Forex Blau Balance dot appears on the MT4 chart. Place a protective stop-loss a few pips below the most recent swing low price.
Sell Signal: Sell when a red Forex Blau Balance dot appears on the MT4 chart. Place a protective stop-loss a few pips above the most recent swing high price.
Trade Exit : Exit the trade when an opposite trading signal (from buy to sell or from sell to buy) appears on to the chart or use your own method of trade exit.
You can change the trend filter directly from the indicator’s input menu. For example, you open a 5-minute chart and you’d like to use the hourly trend filter.
Simple select the 1-Hour timeframe (see image below) to achieve this.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (timeframe, MA method, signal period, Acc step, Acc limit, alertsON) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: forex signals
Copy and paste the Forex Blau Balance Indicator.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)