The Four Average Scalping MT4 indicator allows you to benefit from small market price movements.
The Four Average indicator displays clear buy and sell signals on the main MT4 chart.
The buy and sell signals are based on an histogram oscillator that constantly moves between positive and negative territory.
A buy signal occurs when the histogram oscillator changes direction from negative to positive territory (green histogram).
A sell signal occurs when the histogram oscillator changes direction from positive to negative territory (red histogram).
Use this indicator for scalping purposes. It’s recommended to trade off the 15-minute chart and higher.
The EUR/USD 30-Minute chart below displays the Four Average Scalping Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Four Average Scalping MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy scalping trade when a green Four Averages arrow appears on the chart. Place a low risk stop-loss 1 pip below short-term support.
Sell Signal: Open sell scalping trade when a red Four Averages arrow appears on the chart. Place a low risk stop-loss 1 pip above short-term resistance.
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 (period FA, average 1, average 2, average 3, average 4, alert) 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 fouraverage-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)