The Forex Entry Signal++ Indicator for MT4 displays buy/sell arrows reflecting bullish and bearish signals in forex trading. What’s more, it comes with a feature that colorizes candlesticks according to a trend direction. That forex indicator is free to download.
Sounds interesting? Let’s take a closer look at it.
Introducing the Forex Entry Signal++ Indicator
MT4 Indicator Overview
The download link of the Entry Signal++ MT4 indicator is placed at the bottom of this post. Once you’re done, your trading chart should look similar to the example below.
The Entry Signal is a fantastic trend-following indicator for forex traders. It’s great because it not only shows when the market is bullish or bearish but also when it’s neutral or flat. This way, traders can adjust their technical strategies accordingly.
The best part is that it provides clear and easy-to-read BUY and SELL arrow trading signals. So, whether you’re a newbie or a seasoned pro, this indicator is definitely worth checking out!
It displays BULLISH bars and BUY arrow signals in BLUE and BEARISH bars and SELL arrow signals in RED. The indicator also indicates the neutral or flat nature of the market by displaying bars without changing their color.
The forex indicator exhibits a change in the bar color and a subsequent appearance of a BLUE arrow signal to signify the onset of a BULLISH trend. This presents an opportunity for forex traders to enter a BUY position while employing a stop loss strategy at the end of the previous downtrend or the first bar of the neutral trend. This approach helps traders to mitigate potential whipsaws and maintain a sufficient stop loss. Furthermore, traders can sustain their position and ride the trend until the bar color shifts to a neutral or RED color.
Conversely, a change in the bar color to RED coupled with the appearance of a RED arrow signal indicates the commencement of a BEARISH market trend. Traders can initiate a SELL trade and engage in a downward market direction. To effectively manage risk, the most effective stop loss strategy involves positioning above the last bar of the previous uptrend or the initial bar of the previous neutral trend. In addition, traders can sustain their position and remain in the downtrend until the bar color shifts to a neutral or the opposite signal color.
How to set up the Forex Entry Signal++ indicator in MetaTrader (MT4)?
Download the forex-entry-signal-indicator.rar archive at the bottom of this post, unpack it, then copy and paste the Entry_Signal.ex4 or Entry_Signal.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 Entry Signal++ MT4 indicator is a powerful tool that can greatly enhance a forex trader’s trading strategy. While it can be used as a standalone indicator, combining it with other technical tools can provide even more accurate and reliable signals. Luckily, the indicator is available for free download and installation is a breeze, making it accessible to all traders regardless of their skill level or experience. With its ability to identify bullish and bearish trends and signal entry and exit points, the Entry Signal++ indicator is a valuable asset to any forex trader’s arsenal.
Download Free Forex Entry Signal++ MT4 Indicator
To download the Entry Signal++ Indicator for Metatrader 4 (MT4) for free just click the button below: