The ZCOMFX Daily Trend Metatrader 4 forex indicator shows the trend of up to six currency pairs (EUR/USD, GBP/USD, AUD/USD, USD/CHF, USD/CAD & USD/JPY) within a single chart window.
It is advisable to use the ZCOMFX Daily Trend Indicator on the 1-hour timeframe only due to its use of indicators of the 1-hour chart.
However, if you jump onto other timeframes, then select a “false” value for the variable “ShowArrows.”
It is also possible to show trends for other currency pairs by just deleting any of the symbol value and replacing it with the new one.
This is so because the ZCOMFX Daily Trend indicator can only take up to six forex pairs at a time.
The ZCOMFX Daily Trend indicator show bullish (lime colored upward pointing arrow), bearish (red colored downward pointing arrow) and sideways market (dodger blue right pointing arrow) signals.
The EUR/CHF M30 chart below displays the ZCOMFX Daily Trend Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime upward pointing arrow of the ZCOMFX Daily Trend Metatrader 4 forex indicator gets positioned somewhat below the price bars.
Sell Signal: Go short when the red downward pointing arrow of the ZCOMFX Daily Trend Metatrader 4 forex indicator gets placed fairly above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the indicator displays a red downward pointing arrow.
Exit sell trade: Close all sell orders if while a bearish trend is running, the indicator pops up a lime upward pointing arrow.
Tips: Clearly, ZCOMFX is an amazing trend filter that should be deployed as an hourly trend indicator.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (note, symbol1, symbol2, symbol3, symbol4, symbol5, symbol6, ShowArrows, note2, X, Y, Corner), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend filter
Copy and paste the zcomfx-daily-trend-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)