The Super Trend Signal MTF Histogram forex indicator works exactly the same as the Super Trend Signal MTF forex indicator.
There’s only one difference, this version paints a buy/sell histogram in a separate MT4 trading window.
The Super Trend Signal Histogram indicator alternates its colored histogram bars between green and orange.
- A green histogram bar signals a buy trade opportunity
- An orange histogram bar signals a sell trade opportunity
Close the open buy/sell trade position when the histogram bar changes its color, either from green to orange or from orange to green.
You have the ability to select other histogram bar timeframes (MTF) directly from the indicator’s inputs tab.
Feel free to experiment with this option.
The NZD/USD H1 chart below displays the Super Trend Signal MTF Histogram Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Super Trend Signal MTF Histogram MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the Super Trend MTF Histogram bar changes its color from orange to green.
Place a stop loss below the most recent low price or use your own preferred method.
Sell Signal: Open a sell trade when the Super Trend MTF Histogram bar changes its color from green to red.
Place a stop loss above the most recent high price or use your own preferred method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (period, multiplier, timeframe) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: histogram trend signals
Copy and paste the supertrend_nrp_new_mtf_2_histo.ex4 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)