The XP Moving Average Metatrader 4 forex indicator belongs to the moving average family.
The XP Moving Average indicator outlines itself as a multi colored line on the activity chart.
Its red, green and yellow colored line sections are intended to give users information on impending bearish, bullish and quiet market sessions respectively.
The XP Moving Average indicator is essentially used to smoothen price out by filtering false positives that are inherent in currency price fluctuations.
The indicator works for any currency pair and timeframe.
Experiment with its parameters to suit your needs.
The CAD/JPY M30 chart below displays the XP Moving Average Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the line of the XP Moving Average Metatrader 4 forex indicator turns red with price trading slightly above it.
Sell Signal: Go short when the line of the XP Moving Average Metatrader 4 forex indicator reverts to green with price trading somewhat below it.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red line of the XP Moving Average indicator reverts to green.
Exit sell trade: Close all sell orders if while a bearish trend is running, the green line of the XP Moving Average indicator changes to red.
Tips: Just as with all moving averages, the XP Moving Average aren’t good with tight sideways markets, this is because choppy sessions do lead to numerous false trades.
Use the indicator in agreement with other technical indicators or price action methods.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (MA_Period, MA_Type, MA_Applied, T3MA_VolumeFactor), 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 xp-moving-average.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)