Introduction to the iMACol Indicator
The iMACol Indicator for MT4 is a simple trend-following forex indicator, that works great in the trending market. Basically, it is a moving average that changes color depending on a current buy/sell signal.
The iMACol Indicator fits all kinds of timeframes and currency pairs. However, we recommend using it on larger timeframes because usually, they tend to show less noise. 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.
Simplified trading rules for iMACol are the following:
- Open a long position on the first closed candle after the iMACol indicator changes color to blue.
- Conversely, open a short position on the first closed candle after the iMACol indicator changes color to red.
- Close position on the first closed candle after the iMACol indicator changes color to yellow.
Example trade with the iMACol Indicator
Below is the screenshot of an example trade with the iMACol Indicator.
As you can see, on the left side of the chart, the iMACol indicator was red and the price was falling. Later on, the trend sentiment changed, the iMACol color switched to blue and the price started to rise.
How to set up the iMACol indicator in MetaTrader (MT4)?
Download the iMACol.rar archive at the bottom of this post, unpack it, then copy and paste the iMACol.ex4 or iMACol.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 iMACol 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 iMACol Indicator
To download the iMACol Indicator for Metatrader 4 (MT4) for free just click the button below:
iMACol Indicator Free Download