Extreme Spike Indicator

MT4 Free Download

Introduction to the Extreme Spike Indicator

The Extreme Spike Indicator is, as the name suggests, a forex trading tool that recognizes spikes in the market.

This is a perfect indicator for reversal traders. A spike often indicates a turn-around moment. The best way to use that gauge is to apply it to your favourite trading system as a filter.

The indicator is displayed in a separate window placed just below the main trading chart.

This indicator fits all kinds of timeframes and currency pairs.

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.

Related: ForexSignal30 Extreme

How to set up the Extreme Spike indicator in MT4?

Installation Guide

Copy and paste the Extreme_Spike.ex4 or Extreme_Spike.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, 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.

Bottom Line

The Extreme Spike 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.