Introduction to the Chimp Indicator
The Chimp Indicator is a custom forex trading tool that presents its signals in the form of a histogram.
The indicator is displayed in a separate window placed just below the main trading chart.
The green and red bars move in above and below 0 level and you should trade accordingly to the following suggestions.
When the readings are above 0 level, bars are green and the trend is bullish. In this case, look for buy trades. When the readings are below 0 level, bars are red and the trend is bearish. In this case, look for sell trades.
We suggest to use it as a filter for opening and exiting transactions. Go ahead and add it to your best trading system.
It fits all kinds of timeframes and currency pairs.
The default indicator 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 Chimp indicator in MT4?
Copy and paste the chimp-indicator.mq4 or chimp-indicator.ex4 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, that 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.
Click the link below:
The Chimp indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.