The Slope Arrow Signals Metatrader 4 indicator draws a slope together with buy and sell trading arrows on the chart.
The indicator is based on the Renko forex indicator.
The signals from this indicator are quite easy to understand, even for beginners:
A gray up arrow suggests it’s time to buy the currency pair. The slope now becomes gray.
A magenta down arrow suggests it’s time to sell the currency pair. The slope now becomes magenta.
The Slope signals indicator can be used for scalping, day trading and swing trading currencies.
For scalping and day trading, use it during the London and New York trading sessions.
The EUR/USD H4 chart below displays the Slope Arrow Signals forex indicator in action.
Basic Trading Signals
Signals from the Slope Arrow Signals forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the indicator draws a gray arrow on the chart.
Sell Signal: Open sell trade when the indicator draws a magenta arrow on the chart.
Trade Exit: Close the open 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
Customization options: Variable (method, price, renko, 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 slope-direction-line-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)