The Forex Signals Trader indicator for MT4 is a channel based buy and sell arrow signals indicator.
The indicator is built to take advantage of short-term market movements. So, use it for scalping or day trading purposes.
- A green arrow represents a buy signal and it’s always drawn near the bottom of the channel.
- A red arrow represents a sell signal and it’s always drawn near the top of the channel.
It’s a wise idea to confirm the buy/sell trade with other forex indicators or with price action.
The EUR/USD 1-Hour chart below displays the Forex Prediction Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Forex Signals Trader MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a new buy trade when a green arrow appears on the chart. This is a bullish signal. Place a protective stop-loss below the channel and take profit at the upper channel line.
Sell Signal: Open a new sell trade when a red arrow appears on the chart. This is a bearish signal. Place a protective stop-loss above the channel and take profit at the lower channel line.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (signal gap, show bars) 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 forex-signals.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)