
Forex Entry Signal++ Indicator
Platform: MT4 Type: Trend Last update: September 28, 2024The 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.
Let’s have a closer look at it.
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!
Trading Tips
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.