The YangTrader indicator for Metatrader 4 is an interesting technical oscillator that identifies overbought & oversold levels on the trading chart.
The indicator pops up in a separate MT4 chart window as a blue line that uses the 15 and 80 extreme borders.
It’s a very reliable technical oscillator, lightweight, and will not slow down your trading platform.
Buy & sell signal:
- Initiate a buy trade as soon as the blue line crosses back above the 15 oversold level and the trend is upwards.
- Initiate a sell trade as soon as the blue line crosses back below the 80 overbought level and the trend is downwards.
Combine the YangTrader indicator with a trend-following trading strategy to define the direction of the major trend.
Indicator Example Chart (GBP/CHF H1)
The example chart below displays the YangTrader mt4 indicator in action on the trading chart.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Oscillator
How to install the YangTrader in Metatrader 4?
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.