The Moving Buy Sell Arrows Oscillator MT4 forex indicator generates buy and sell trade arrows which are based on a moving technical oscillator.
A blue arrow suggests there’s an uptrend and this is a signal to buy the forex pair.
A red arrow suggests there’s an downtrend and this is a signal to sell the forex pair.
Traders can use the Moving Buy Sell Arrows Oscillator as a stand-alone buy/sell signals indicator or in agreement with other technical indicators or analysis tools.
For instance, this indicator can be used in agreement with a 200 simple moving average.
Price action above the 200 SMA? Trade the oscillator buy trade arrows and ignore the red sell arrows.
Price action below the 200 SMA? Trade the oscillator sell trade arrows and ignore the blue buy arrows.
The EUR/USD Daily chart below displays the Moving Buy Sell Arrows Oscillator Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Moving Buy Sell Arrows Oscillator MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: A valid buy signal occurs when the Moving Buy Sell Arrows indicator draws a blue arrow on the chart.
Sell Signal: A valid sell signal occurs when the Moving Buy Sell Arrows indicator draws a red arrow on the chart.
Trade Exit: Close the open buy/sell 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 indicator
Customization options: Variable (Smoothing, Window, Price) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend Oscillator
Copy and paste the moving-minmax-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)