The MA Heikin Signal Line indicator for Metatrader 4 is trend-following in nature.
Based on the current trend, the MA Heikin draws a bullish or bearish colored signal line.
It uses yellow color when the trend is going up and a aqua colored line when the trend is moving down.
This forex indicator is beginner friendly and can be used for scalping and day trading of the smaller timeframe’s.
It’s also useful for swing trading and position trading of the H1, H4 and daily charts.
The EUR/USD/ H1 chart below displays the MA Heikin Signal Line forex indicator in action.
Basic Trading Signals
Signals from the MA Heikin Signal Line forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when a yellow line appears on the activity chart (trend up).
Sell Signal: Open sell trade position when a aqua line appears on the activity chart (trend down).
Trade Exit: Close the open trade 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
Customization options: Variable (MA_period, MA_method) 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 ma-heikin.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)