The Heatmap Gradient Scale forex MT4 indicator analyses and displays the strength of the trend from 25+ currency pairs.
The Heatmap indicator uses different colors to display the strength of the trend:
- Green colored box: strong up trend
- Light green colored box: weak up trend
- Red colored box: strong down trend
- Light red colored box: weak down trend
You can choose from the following display options:
- Heatmap (default)
The green and red colored currency pairs are the most interesting ones to trade because they are trending strongly, either up or down.
Always confirm trades taken from the Heatmap Gradient Scale forex MT4 indicator with additional analysis tools.
The EUR/USD 1-hour chart below displays the Heatmap Gradient Scale Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Heatmap Gradient Scale MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long trade when the indicator displays a green box. It indicates that the pair is in a strong uptrend. Confirm the uptrend with other technical indicators or analysis tools.
Sell Signal: Initiate a short trade when the indicator displays a red box. It indicates that the pair is in a strong downtrend. Confirm the downtrend with other technical indicators or analysis tools.
Avoid to trade light green or light red colored currency pairs. The trend is weak in this case.
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 (heatmap, scale, gradient) 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 heatmap-gradient-scale.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)