Introduction to the Forex Entry Point Indicator
The Forex Entry Point indicator was designed to give traders the best possible entry for their long and short trades. It displays pink and turquoise vertical lines in a lower window of the Metatrader 4 (MT4) terminal. These color lines are used to predict possible changes of the market trend direction.
The Forex Entry Point can be used for different trading systems and strategies – it is suitable for 5min scalping and longer-term trading on 1h, 4h, daily charts. This indicator can be used with any currency pair, however, you will get the best results with high volatility pairs like GBP/JPY.
How to trade with the Forex Entry Point indicator no repaint?
These are trading rules for the Forex Entry Point indicator:
Buy entry signal
Open long trade (buy) with Forex Entry Point indicator when there was a vertical line of color turquoise and the bar has closed. Exit with the appearance of vertical lines of the opposite color as it forecast trend change.
Sell entry signal
Open short trade (sell) with Forex Entry Point indicator when there was a vertical line of color pink and the bar has closed. Exit with the appearance of vertical lines of the opposite color forecast trend change.
Another way to know when to enter a trade is to use that MBFX Timing indicator.
Important note: we have conducted tests to check if Forex Entry Point is no repaint indicator. Our research proved that the indicator sometimes repaints, so changes its past signals. Please take that into consideration and be careful trading with it. The signals of the Forex Entry Point look perfect only on historical data. Many traders still like it and use it for example in 5 min scalping or support/resistance rebound.
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How to set up the Forex Entry Point indicator in MT4?
Copy and paste the FX ENTRY POINT.ex4 or FX ENTRY POINT.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.
There is also a template file named FX Entry Point.tpl, which you should copy to the Templates folder.
The Forex Entry Point 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.
Forex Entry Point Indicator Free Download
To download the Forex Entry Point Indicator for Metatrader 4 (MT4) for free just click the button below: