The Super Signals Histogram MT4 forex indicator is a profitable buy sell histogram bar trading indicator for Metatrader 4.
The indicator can be applied to any currency pair (majors, cross pairs, exotics) and timeframe of your choice.
The Super Signals oscillates above and below its zero line neutral level.
- Histogram bars aligned above the neutral level are considered to be bullish and provide buy trade opportunities
- Histogram bars aligned below the neutral level are considered to be bearish and provide sell trade opportunities
The EUR/USD H1 chart below displays the Super Signals Histogram forex indicator in action.
Basic Trading Signals
Signals from the Super Signals Histogram forex MT4 indicator are easy to interpret and goes as follows:
- New trend
Buy Signal: Open buy position when the indicator turns back above the zero line from below.
Sell Signal: Open sell position when the indicator turns back 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.
- Entry in the existing trend (buy on dips, sell on rallies)
Buy Signal: Open buy position if while the indicator histograms are aligned above the zero line, a green histogram bar pops up after a red one.
Sell Signal: Open sell position if while the indicator histograms are aligned below the zero line, a red histogram bar pops up after a green one.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (CountBars) 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 stlm-histogram.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)