The Forex Sunrise MT4 indicator is a trend following signal indicator that is easy to follow, even for beginners.
- A blue dotted signal line represents a buy signal.
- A red dotted signal line represents a sell signal.
It’s a typical stop and reverse forex signal indicator.
When the line changes color from red to blue, you’ll need to exit the short trade and initiate a long trade.
Conversely, when the signal lines changes color from blue to red, you’ll need to exit the long trade and initiate a short trade.
It’s a bit similar to trading the Parabolic SAR indicator.
The Forex Sunrise indicator works for scalping, day trading and swing trading.
For scalping and day trading, use during the London and New York trading sessions on low spread currency pairs.
The EUR/USD 4-Hour chart below displays the Forex Sunrise Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Forex Sunrise MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the Forex Sunrise dotted signal line changes its color from red to blue. This is a trend reversal signal from bearish to bullish. Place a stop-loss a few pips below the blue dotted signal line.
Sell Signal: Initiate a sell trade when the Forex Sunrise dotted signal line changes its color from blue to red. This is a trend reversal signal from bullish to bearish. Place a stop-loss a few pips above the red dotted signal line.
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 (Onalert, OnEmail) 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-sunrise-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)