Introduction to the Forex Buy Sell Indicator
The Forex Buy Sell indicator is a simple buy/sell arrows forex gauge.
Due to the nature of that indicator, the best fit for it is scalping and intraday trading.
Use it on low spread forex pairs such as EUR/USD, USD/JPY, GBP/USD,… for maximum profit potential.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart, but it also displays an MTP LTD window below the main activity 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 does it work? How to apply in trading?
Trading Rules Explanation
Signals provided by the Forex Buy Sell Indicator are really intuitive and will not cause you difficulties. Simply follow the suggestions below.
Buy Entry: Open long trade when the Forex Buy Sell indicator shows a blue upward arrow. Place your stop loss a few pips below the last swing low.
Sell Entry: Open short trade when the Forex Buy Sell indicator shows a red downward arrow. Place your stop loss a few pips above the swing high.
Exit Trade / Take Profit: Close your open position when the opposite signal occurs, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
Example of EUR/CAD H4 Chart
This screenshot below shows an example of the Forex Buy Sell Indicator in action.
How to set up the Forex Buy Sell indicator in MT4?
Download the Forex Buy Sell.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Buy Sell.ex4 or Forex Buy Sell.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 Forex Buy Sell 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.
Download Free MT4 Forex Buy Sell Indicator
To download the Forex Buy Sell Indicator for Metatrader 4 (MT4) for free just click the button below: