The TSV Bullish Bearish Signals Metatrader 4 forex indicator is a technical tool that comes in the form of a histogram that is painted red or blue.
The observed colors of the histograms are used to define the plausible market trend for a currency pair of interest.
Blue colored histograms are used to indicate bullish market sentiments, while the red histograms represents bearish price state.
The TSV Bullish Bearish indicator is similar to on-balance volume, considering that it measures the amount of money flowing in the market.
The EUR/CHF H1 chart below displays the TSV Bullish Bearish Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the blue histograms of the TSV Bullish Bearish Metatrader 4 forex indicator pops up within the indicator window.
Sell Signal: Go short when the red histograms of the TSV Bullish Bearish Metatrader 4 forex indicator gets displayed within a separate window.
Exit buy trade: Close all buy orders if while a bullish trend is running, the red histogram of the TSV Bullish Bearish indicator pops up.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the blue histogram of the TSV Bullish Bearish indicator gets displayed.
Tips: The TSV Bullish Bearish indicator can be deployed as a filter when confirming trading entries and exits.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (period, CountBars), 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 tsv-bullish-bearish.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)