Andrea Forex Indicator for MT4

Introduction to the Andrea Forex Indicator

The Andrea Forex Indicator 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 Andrea Forex Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below the main trading chart. The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

Anatomy of the Andrea Forex Indicator

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.

Andrea Forex Indicator Anatomy

Andrea Forex Indicator: 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

Andrea Forex Indicator Buy Trade Example

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.

Andrea Forex Indicator Moving Average Buy Entry Example

Andrea Forex Indicator: 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

Andrea Forex Indicator Sell Trade Example

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.

Andrea Forex Indicator Moving Average Sell Entry Example

How to set up the Andrea Forex indicator in MetaTrader (MT4)?

Installation Guide

Download the Andrea Forex Indicator.rar archive at the bottom of this post, unpack it, then copy and paste the Andrea Forex Indicator.ex4 or Andrea Forex Indicator.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

Bottom Line

The Andrea Forex indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it. Don’t forget that we still have more great free forex MT4 indicators to download and try.

Download Free MT4 Andrea Forex Indicator

To download the Andrea Forex Indicator for Metatrader 4 (MT4) for free just click the button below:

Andrea Forex Indicator Free Download


Related products