The Pipboxer MT4 forex indicator is a popular trading oscillator designed to trade the forex market.
Pipboxer oscillates above and below the zero mark.
The indicator deploys two extreme values, -100 and +100.
The value -100 is said to be extremely oversold and traders look for buy trade opportunities near this extreme level when the overall currency trend is up.
Conversely, the value 100 is said to be extremely overbought and traders look for sell trade opportunities near this extreme level when the overall currency trend is down.
Pipboxer needs to be combined with a trend following indicator in order to achieve good trading results.
For instance, Pipboxer can be traded in agreement with a simple moving average, exponential moving average, Parabolic SAR or Bollinger Bands.
Overall trend up? Trade the extreme oversold Pipboxer signals.
Overall trend down? Trade the extreme overbought Pipboxer signals.
This MT4 forex indicator can be used to develop scalping, day trading and swing trading strategies or systems.
The EUR/USD 4-Hour chart below displays the Pipboxer Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Pipboxer MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: A valid buy signal occurs when Pipboxer crosses back above -100 from below AND the overall trend is up.
Sell Signal: A valid sell signal occurs when Pipboxer crosses back below 100 from above AND the overall trend is down.
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 (PB Period) 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 pipboxer-indicator.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)