Introduction to the Forex MTN Indicator
The Forex MTN Indicator is a very simple indicator that is useful for both trading styles: scalping and intraday. The signals provided by the Forex MTN indicator are just blue and red dots that one should use trade accordingly. You must take into consideration that such a basic tool is better to use as a supplement or addition to a proven trading system. I think Forex MTN is intuitive enough and does not require deep explanation. I will give you basic rules on when and how to open the trades.
- Open Buy trade on the next candle after the blue circle. Exit when there appeared a red circle.
- Open Sell trade on the next candle after the red circle. Exit when there appeared a blue circle.
The Forex MTN 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.
How to set up the Forex MTN indicator in MetaTrader (MT4)?
Download the Forex MTN.rar archive at the bottom of this post, unpack it, then copy and paste the Forex MTN.ex4 or Forex MTN.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 Forex MTN 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 Forex MT4 Forex MTNIndicator
To download the Forex MTN Indicator for Metatrader 4 (MT4) for free just click the button below: