The Up Down Signals forex MT4 indicator provides green and red dotted buy and sell trading signals on the main Metatrader 4 chart.
Red dots aligned above price indicate the market is down trending and traders look for sell trade opportunities.
Conversely, green dots aligned below price indicate the market is up trending and traders look for buy trade opportunities.
This indicator can be used on its own and works for scalping (M1, M5), day trading (M5, M15) and swing trading (M30, H1, H4, D1).
The default indicator HL_period value is set to 3 but can be modified directly from the indicator’s inputs tab. Tweak its setting to fully fit your needs.
The USD/JPY H1 chart below displays the Up Down Signals forex indicator in action.
Basic Trading Signals
Signals from the Up Down Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the Up Down Signals indicator draws green dots below the price.
Sell Signal: Initiate a sell trade when the Up Down Signals indicator draws red dots above the price.
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 (HL_period, NumBars) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend Signals
Copy and paste the up-down-indicator.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)