Forex Line Indicator for MT4

Introduction to the Forex Line Indicator

The Forex Line Indicator is an improved version of Moving Average and it gives more clear signals. When the Forex Line turns blue from white, it is a signal for a long trade. Similarly, a Forex Line switch from blue to white triggers a sell trade.

The Forex Line Indicator fits all kinds of timeframes and currency pairs. It is displayed directly on 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 Line Indicator

Basically, the Forex Line Indicator is a very simple one, it’s just a line (like Moving Average) that is either colored white or blue. The blue color indicates an ongoing bullish trend-momentum, while the white color suggests a bearish trend-momentum.

Anatomy of the Forex Line Indicator

Forex Line Indicator: Buy Signal

Follow these steps for a long trade:

  • Overall trend is clearly bullish
  • Line changes color from white to blue
  • Set stop loss a few pips below the most recent market low point
  • Take profit when the line changes color again to white

Forex Line Indicator Buy Trade Example

Forex Line Indicator: Sell Signal

Follow these steps for a short trade:

  • Overall trend is clearly bearish
  • Line changes color from blue to white
  • Set stop loss a few pips above the most recent market high point
  • Take profit when the line changes color again to blue

Forex Line Indicator Sell Trade Example

Avoid Sideway Market

The Forex Line indicator has poor performance during the choppy and sideways markets, so better avoid trading during that conditions. Take a look at the chart below, where you can notice many fake signals.

Forex Line Indicator During Choppy Market

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

Installation Guide

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

Download Free MT4 Forex Line Indicator

To download the Forex Line Indicator for Metatrader 4 (MT4) for free just click the button below:

Forex Line Indicator Free Download

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