The Stochbars Moving Average forex indicator for MT4 is composed of Stochastic and a moving average.
The indicator displays the most profitable trend for all charts in a separate Metatrader 4 window.
How the Stochbars indicator works:
- A green dot represents a bullish trend.
- A red dot represents a bearish trend.
- A strong bullish trend occurs when all dots are colored green across all timeframes.
- A strong bearish trend occurs when all dots are colored red across all timeframes.
All input parameters can be modified directly from the indicator’s input menu.
Experiment with the different moving average settings, you can choose from SMA, EMA, SMMA and LWMA.
Put the indicator to work for scalping, day trading and swing trading purposes.
The EUR/USD 15-Minute chart below displays the Stochbars Moving Average Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Stochbars Moving Average MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when all dots are colored green for all available timeframes. This is a strong bullish signal. Place a stop-loss below support.
Sell Signal: Open sell trade when all dots are colored red for all available timeframes. This is a strong bearish signal. Place a stop-loss above support.
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 (Stochastic settings, KPeriod, DPeriod, slowing, MAMethod) 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 stochbars-indicator.mq4 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)