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.
The Forecasting Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on 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 Forecasting indicator in MetaTrader (MT4)?
Download the forecasting-indicator.rar archive at the bottom of this post, unpack it, then copy and paste the forecasting-indicator.ex4 or forecasting-indicator.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 Forecasting 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 Forecasting Indicator
To download the Forecasting Indicator for Metatrader 4 (MT4) for free just click the button below: