The William Histogram With Signal Alert MT4 forex indicator is a buy/sell histogram oscillator technical analysis tool.
The indicator oscillates between 50 and -50 readings in a separate trading window below the main activity chart.
The signals delivered from the William histogram indicator are straight forward.
A green histogram above the zero level means the currency pair is in an up trend and traders look for buy opportunities.
Conversely, a red histogram below the zero level means the currency pair is in an down trend and traders look for sell opportunities.
For maximum trading results, combine the William Histogram forex indicator with a trend following indicator such as a simple moving average or Bollinger Bands.
The default indicator settings can not be modified.
This indicator works best for scalping and day trading purposes.
The AUD/USD H1 chart below displays the William Histogram With Signal Alert forex indicator in action.
Basic Trading Signals
Signals from the William Histogram With Signal Alert MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the indicator draws a green histogram above the zero line (bullish trend).
Sell Signal: Initiate a sell trade when the indicator draws a red histogram below the zero line (bearish trend).
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: 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 william-histogramm-with-alert.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)