Andrea Forex Indicator
Platform: MT4 Type: Momentum Last update: September 28, 2024The Andrea Forex Indicator for MT4 is a buy/sell arrows trading indicator that, at the first glance, looks a bit like MACD. According to its developers, it’s a 100% non-repainting indicator. When the Andrea Forex Indicator provides green signals, it means a bullish trend is considered and a trader should look for buy trade opportunities. On the other hand, orange signals represent a bearish trend and one should look for sell trade opportunities. When a change in the trend direction is recognized, this indicator provides a relevant arrow.
The anatomy
There isn’t much hassle with the Andrea Forex Indicator as it just displays green/orange histogram bars along with buy/sell arrows, therefore it’s easy to follow provided signals.
Buy Signal
Follow these steps for a long trade:
- Color of the Andrea Indicator switches from orange to green
- Blue arrows appears
- Set stop loss a few pips below the most recent market low point
- Take profit after reaching 1:2+ risk to reward ratio or use your own method of trade exit
On the other hand, you don’t necessarily need to open buy trades at upward arrows. For example, you can use the green color of histogram bars as a trend direction identifier and the moving average rejection for entries.
Sell Signal
Follow these steps for a short trade:
- Color of the Andrea Indicator switches from green to orange
- Yellow arrows appears
- Set stop loss a few pips above the most recent market high point
- Take profit after reaching 1:2+ risk to reward ratio or use your own method of trade exit
Similarly, you don’t necessarily need to open sell trades at downward arrows. For example, you can use the orange color of histogram bars as a trend direction identifier and the moving average rejection for entries.
