FX Sniper is a popular trend following buy/sell signal technical indicator for Metatrader 4.
For ease of use, the MT4 indicator draws the signal line directly on the activity chart.
A green colored signal line indicates the trend is bullish and traders buy the currency pair.
A red colored signal line indicates the trend is bearish and traders sell the currency pair.
For scalping and day trading, it’s recommended to use FX Sniper during the London and New York sessions on low spread forex pairs (EUR/USD, GBP/USD, USD/JPY,..).
For swing trading purposes, use it on the higher timeframes (H1, H4, D1).
The AUD/USD Hourly chart below displays the FX Sniper Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the FX Sniper MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long trade when the FX Sniper draws a green signal line (bullish).
Sell Signal: Initiate a short trade when the FX Sniper draws a red signal line (bearish).
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 (R period, Type) 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-sniper.mq4 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)