The Spectrometer MT4 forex indicator draws colored lines in a separate trading window.
The indicator lines oscillate between 0.04 and -0.04 values.
Currency traders can use this forex indicator in various ways but I like to use it like this:
- When the red thick Spectrometer line crosses above the zero line from below, look for buy trade opportunities
- When the red thick Spectrometer line crosses below the zero line from above, look for sell trade opportunities
The EUR/USD D1 chart below displays the Spectrometer forex indicator in action.
Basic Trading Signals
Signals from the Spectrometer forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the red thick Spectrometer line crosses above the zero line from below.
Sell Signal: Open sell position when the red thick Spectrometer line crosses below the zero line from above.
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 (iPeriod, iStartFrom) 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 spectrometer.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)