Forex Guide Indicator (MT4) - Free Download - Best Forex Indicators

Introduction to the Forex Guide Indicator

The Forex Guide Indicator displays four rows of trend bricks. Green bricks represent bullish trend-momentum, and red bricks signal bearish trend-momentum. Open trade when at least two rows agree. The top row of that forex indicator is the least sensitive and each lower row is more sensitive than the previous one.

The Forex Guide Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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.

Anatomy of the Forex Guide Indicator

The Forex Guide indicator consists of four rows of “bricks” that correspond with price bars. The row at the top is the least sensitive (suitable for long-term signals) and the row at the bottom is the most sensitive (suitable for short-term signals).

Forex Guide Indicator: Buy Signal

The best signal for a long trade occurs when the top row changes from red to green and simultaneously all rows are green too. You can keep it open till the opposite signal takes place and take profit or use your own preferred method of trade exit. Take a look at the example trades below.

And another one.

Forex Guide Indicator: Buy Signal

The best signal for a short trade occurs when the top row changes from green to red and simultaneously all rows are red too. You can keep it open till the opposite signal takes place and take profit or use your own preferred method of trade exit. Take a look at the example trades below.

That short trade was good too.

How to set up the Forex Guide indicator in MetaTrader (MT4)?

Installation Guide

Download the Forex Guide.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Guide.ex4 or Forex Guide.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.

Bottom Line

The Forex Guide 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.