Introduction to the Forecasting Indicator
The Forecasting Indicator is, as the name suggests, a forex trading tool that tries to predict market moves in the nearest future.
On the right side of your chart, you will notice the pinkish line that reflects the next price movement.
Don’t trade that gauge alone, but rather use it with a proven and profitable trading strategy and make sure that your technical analysis and trade idea overlaps with the signal given by the Forecasting indicator.
Of course, it is not a crystal ball, so don’t follow blindly the signals given by this tool.
It fits most kinds of timeframes and all 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 Forecasting indicator in MT4?
Copy and paste the forecasting-indicator.mq4 or forecasting-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.
The Forecasting 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, 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.
Forecasting Indicator Free Download
To download the Forecasting Indicator for Metatrader 4 (MT4) for free just click the button below: