The Moving Average Trend Sniper Metatrader 4 forex indicator is a trend following technical tool that performs amazingly well during trending markets.
It is essentially an exponential moving average with a default 21 period that goes ahead to modify its signal line.
It allows the signal line take a color altering factor which represents a probable buy/sell signal.
There are three default colors that are presented on the Moving Average Trend Sniper indicator i.e. yellow, deep sky blue and red.
The yellow filled line is a market session that depicts transition between trends, and traders should exit their positions when they do occur.
It tends to produce less noise when in use on larger timeframes.
This mean the indicator can be traded as a solo technical indicator or can play a formidable role within a larger complex system.
Try it for scalping, day trading and swing trading purposes.
Download the “iMACol.ex4” MT4 indicator
The USD/CHF H1 chart below displays the Moving Average Trend Sniper Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Moving Average Trend Sniper Metatrader 4 forex custom indicator turns deep sky blue.
Sell Signal: Go short when the descending line of the Moving Average Trend Sniper Metatrader 4 forex indicator turns red.
Exit buy trade: Close all buy orders if while a bullish trend is running, the signal line of the indicator changes to yellow.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the signal line of the indicator turns yellow.
Tips: Traders can take advantage of the value of the “MAPeriod” by increasing it above the 40 threshold, in a bid to get the indicator serve as a support or resistance line during medium and long term trading.
Download the “iMACol.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (SwitchPoints, MAPeriod, MAMethod, MAPrice), 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 iMACol.ex4 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)