Introduction to the DPO Histogram Indicator
The DPO Histogram Indicator provides a short-term bi-colored trading signals that can be used for scalping and swing trading purposes. The DPO Histogram fluctuates above and below its zero level. Histogram values above the zero level indicate the short-term uptrend, and conversely, histogram values below the zero level suggest the short-term downtrend.
The DPO Histogram 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.
Example trade with the DPO Histogram Indicator
Below is the screenshot of an example trade with the DPO Histogram Indicator.
We have added the 100 Exponential Moving Average to define the overall market trend. In that example, we utilized the pullback opportunity, when the histogram values turned negative. Keep in mind that the general trend was up. The trade was triggered when the histogram turned positive once again. Then the price continued to rise.
How to set up the DPO Histogram indicator in MetaTrader (MT4)?
Download the DPO Histogram.rar archive at the bottom of this post, unpack it, then copy and paste the DPO Histogram.ex4 or DPO Histogram.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 DPO Histogram 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 DPO Histogram Indicator
To download the DPO Histogram Indicator for Metatrader 4 (MT4) for free just click the button below: