The Viper Signals forex MT4 indicator is an awesome buy/sell single line FX trading indicator that can be used for any trade style including scalping, day trading and swing trading.
A green Viper Signal line indicates the trend is upwards and traders open a buy position.
A red Viper Signal line indicates the trend is downwards and traders open a sell position.
The orange line indicates the trend is range-bound or flat.
Don’t open a new buy or sell position here, if you are already in an open position, just stick with it.
For scalping and day trading, only trade with the Viper indicator during the London and New York trading session.
The default Viper Signals period is set at 34 but you can change this value at any time directly from the indicator’s inputs tab. Experiment with this setting.
The EUR/USD M30 chart below displays the Viper Signals forex indicator in action.
Basic Trading Signals
Signals from the Viper Signals forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the indicator draws a green signal line.
Sell Signal: Open sell trade position when the indicator draws a red signal line.
Trade Exit: Close the open buy/sell forex position 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 indicator
Customization options: Variable (Period, Price, Shift) 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 viper-signals.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)