The Octopus Metatrader 4 forex indicator is a buy/sell technical tool that depicts colored bars within its main window.
The colored bars are either filled green or red, with the former representing bullish market sentiments, while the latter illustrates bearish market sentiments.
The octopus indicator is a very flexible technical tool that is highly effective on all currency pairs.
It can also be used as a tool to extend accrued profits.
The indicator is a trend following forex indicator that is designed to yield optimum trading results.
It can be used on all timeframes and works for scalping, day trading and swing trading.
The EUR/USD M5 chart below displays the Octopus Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the bars of the Octopus Metatrader 4 forex custom indicator turns green.
Sell Signal: Go short when the bars of the Octopus Metatrader 4 forex custom indicator turns red.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Octopus indicator puts up a red colored bar within its window.
Exit sell signal: Close all sell orders if while a bearish trend is running, the Octopus indicator displays a green colored bar within its window.
Tips: Regardless of whether you are a newbie or an advanced trader, the octopus indicator can be used to generate consistent profits from the foreign exchange trading niche.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: 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 octopus.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)