The Icho Trend MT4 forex indicator is an easy to follow buy/sell trading signals bar indicator.
Icho Trend draws the buy and sell bars directly on the main Metatrader 4 chart.
- Blue bars represent an uptrend and traders look for buy trade opportunities
- Red bars represent an downtrend and traders look for sell trade opportunities
Use this indicator for short-term trading, it’s good for scalping and day trading currency pairs on M5 charts and up.
It’s recommended to use it during the more volatile London and New York trading sessions.
The default TM period is set to 7 but can be changed from the indicator’s inputs tab.
The USD/CHF Hourly chart below displays the Icho Trend Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Icho Trend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Enter long trade when the Icho Trend forex indicator draws a blue bar below the candlestick.
Sell Signal: Enter short trade when the Icho Trend forex indicator draws a red bar above the candlestick.
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 (TM_Period, TM_Shift) Colors, width & Style.
Time frames: 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours
Copy and paste the icho-trend-indicator.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)