The FX Prime MT4 forex indicator is an easy to understand green buy and red sell signals indicator that works pretty well.
It’s a complex technical indicator composed of RSI, CCI, ADX, Stochastic and EMA + threshold filter.
Don’t worry, the signals are easy to read…
After attaching FX Prime to a chart, you’ll find the indicator in a separate Metatrader 4 window.
How to read the buy and sell signals?
- A green FX Prime dot represents a buy signal.
- A red FX Prime dot represents a sell signal.
A blank space between the green and red dots represents a flat or range-bound trading zone.
It means that you can stay with your current open position.
It’s a good trend indicator for any trade style (scalping, day trading and swing trading).
The EUR/USD 1-Hour chart below displays the FX Prime Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the FX Prime MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy the forex pair when the FX Prime indicator draws the first green dot on the MT4 chart. A stop-loss should be placed below the previous swing low price.
Sell Signal: Sell the forex pair when the FX Prime indicator draws the first red dot on the MT4 chart. A stop-loss should be placed above the previous swing high price.
Trade Exit : Close the open trade when an opposite trading signal arrives on the chart (from green dot to red or from red dot to green), or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (RSI period, CCI period, ADX period, EMA 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 fxprime.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)