The Munyuk MT4 forex indicator is quite a popular short-term trend following trading indicator that works well.
Munyuk identifies the short-term bullish and bearish currency trend for any pair.
It works great for both scalping and day trading.
How it works
The Munyuk indicator draws colored buy/sell dots in a separate Metatrader 4 window.
- A green dot represents a short-term bullish trend
- A red dot represents a short-term bearish trend
In order to get the most out of this indicator, trade it in agreement with a longer period moving average type technical indicator.
For instance, mix it with a moving average or ADMI and trade in the direction of the overall trend.
Trend upward? Trade the green dots and ignore the red dots.
Trend downward? Trade the red dots and ignore the green dots.
For scalping purposes, use the Munyuk indicator on low spread pairs during the most volatile trading sessions.
For buy signals, place your protective stop-loss 1-2 pips below the previous swing low level.
For sell signals, place your protective stop-loss 1-2 pips above the previous swing high level.
Use reward risk to ratio 1:1 or higher.
The EUR/USD 15-Minute chart below displays the Munyuk Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Munyuk MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the Munyuk MT4 indicator paints green dots on the chart (short-term bullish trend).
Sell Signal: Open sell trade position when the Munyuk MT4 indicator paints red dots on the chart (short-term bearish trend).
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 (sound alert, bar width) 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 de-munyuk-indicator.ex4 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)