The FX Forecaster Oscillator Metatrader 4 forex indicator forecasts short-term trends in the currency market.
It’s a two colored (purple and black) trading oscillator which generates its signals based on the highly popular MACD indicator.
The chart consists of two price bar histograms, a purple and black one.
A buy signal occurs when both price bar histograms are aligned above the zero level (0.00).
A sell signal occurs when both price bar histograms are aligned below the zero level (0.00).
The signals from the FX Forecaster Oscillator will be a great help for both scalpers and intraday traders.
It can be used as a standalone short-term signals indicator or can be used together with other technical indicators.
The default indicator period settings can be fully modified from the FX Forecaster inputs tab.
The EUR/USD 30-Minute chart below displays the FX Forecaster Oscillator Forex Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the FX Forecaster Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when both price bar histograms are aligned above the zero level.
Sell Signal: Open sell trade position when both price bar histograms are aligned below the zero level.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (fast EMA, slow EMA, signal, MA1 period, MA2 period) 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 fx-forecaster.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)