Forex Pro Shadow Indicator

MT4 Free Download

Introduction to the Forex Pro Shadow Indicator

The Forex Pro Shadow Indicator recognizes tops and bottoms of the market, therefore you can successfully use it for swing trading. You can call it a “smiley” indicator as it provides trading signals with “face” marks. Both beginners and advanced forex traders can try that Forex Pro Shadow Indicator.

The Forex Pro Shadow 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.

How does it work? How to apply in trading?

Trading Rules Explanation

Generally speaking, the Forex Pro Shadow Indicator falls into the category of buy/sell arrows forex indicators. However, in this particular case, arrows are replaced with faces. Detailed instructions are provided below.

Buy Signal

Follow these steps for a long trade:

Forex Pro Shadow indicator displays blue face
Price swings higher from recent low swing
Buy trade is triggered after the above conditions are met
Set stop loss a few pips below the last swing low of the market
Take profit or exit whenever the Forex Pro Shadow indicator provides opposite signal or use your own method of trade exit

Forex Pro Shadow Indicator Example of Buy Trade

Sell Signal

Follow these steps for a short trade:

Forex Pro Shadow indicator displays red face
Price swings lower from recent high swing
Sell trade is triggered after the above conditions are met
Set stop loss a few pips above the last swing high of the market
Take profit or exit whenever the Forex Pro Shadow indicator provides opposite signal or use your own method of trade exit

Forex Pro Shadow Indicator Example of Sell Trade

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

How to set up the Forex Pro Shadow indicator in MT4?

Installation Guide

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