Introduction to the Aroon Indicator
The Aroon Indicator comes in handy for reading trends. Watch as the “Up Line” (Default color: Yellow) reaches 100 level (or near) – that means an uptrend takes place. Watch for the “Down Line” (Default color: Dodger Blue) reaches 100 level (or near) – that means a downtrend occurs. The Aroon Indicator lines are also useful when they cross each other – it works as a trade entry signal.
The Aroon Indicator fits all kinds of timeframes and currency pairs. It is displayed directly over 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.
How to set up the Aroon indicator in Metatrader (MT4)?
Download the Aroon.rar archive at the bottom of this post, unpack it, then copy and paste the Aroon.ex4 or Aroon.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.
The Aroon 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 Forex MT4 Aroon Indicator
To download the Aroon Indicator for Metatrader 4 (MT4) for free just click the button below: