Introduction to the Forex Tyrannosaurus Indicator
The Forex Tyrannosaurus indicator uses a custom formula to calculate trend momentum and depicts these values in the form of histogram bars colored into blue and red.
It’s pretty straightforward to use the Forex Tyrannosaurus indicator, simply blue bars reflect bullish trend and red bars reflect bearish trend.
We think that it should be used rather as a trend direction filter than a standalone trading tool.
It fits all kinds of timeframes and currency pairs.
The indicator 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 Tyrannosaurus indicator in MT4?
Copy and paste the Forex Tyrannosaurus.ex4 or Forex Tyrannosaurus.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 Tyrannosaurus indicator is well worth adding to your trading collection but 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.
Forex Tyrannosaurus Indicator Free Download
To download the Forex Tyrannosaurus Indicator for Metatrader 4 (MT4) for free just click the button below: