The Sniper Stop Metatrader 4 indicator shows a lot of similarities to the Parabolic SAR indicator.
Sniper Stop paints colored dots above and below the candlesticks.
It’s a stop and reverse trading indicator.
Blue dots painted below the candlesticks suggest the currency pair is trending up and this is a signal to buy.
Red dots painted above the candlesticks suggest the currency pair is trending down and this is a signal to sell.
Traders close and reverse the trade when the dots change color, from red color to blue (close sell trade and open buy trade) or from blue color to red (close buy trade and open sell trade).
The Sniper Stop MT4 indicator can be used as a standalone technical indicator or used together with for example an oscillator type forex indicator to scalp in the direction of the dotted sniper system.
Blue dots? Open buy scalp trades when the oscillator is in oversold territory.
Red dots? Open sell scalp trades when the oscillator is in overbought territory.
The EUR/USD D1 chart below displays the Sniper Stop forex indicator in action.
Basic Trading Signals
Signals from the Sniper Stop forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when a blue dot appears on the chart.
Sell Signal: Open sell trade when a red dot appears 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 indicator
Customization options: 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 sniper-stop-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)