The core of the Yang Trader Metatrader 4 forex indicator is smoothing of price movements.
The indicator is essentially designed to depict reversals at extreme levels via the use of its price smoothing line.
When activated on the activity chart, it pops up as a teal colored line.
The Yang Trader indicator has a 34-period default value which can be modified higher or lower to reduce or increase the indicator’s sensitivity respectively.
The indicator can act as a temporal support/resistance level especially when the value of the period within the indicator’s inputs variable is adjusted higher.
The GBP/AUD M30 chart below displays the Yang Trader Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when price opens and closes above the teal line of the Yang Trader Metatrader 4 forex indicator.
Sell Signal: Go short when price opens and closes below the teal line of the Yang Trader Metatrader 4 forex indicator.
Exit buy trade: Close all buy orders if while a bullish trend is running, price closes below the teal line of the Yang Trader indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, price closes above the teal line of the Yang Trader indicator.
Tips: It is crucial for forex traders to not just enter trades carelessly, but adhere to laid down rules for entry as described in this article.
Adding other technical indicators to support the trade setups from the Yang Trader indicator is welcome.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (period, Time Window, Sensitive), 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 yang-trader-indicator.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)