Introduction to the Loco Indicator
The Loco Indicator is a custom forex tool that works in a similar manner to PSAR.
This forex indicator is helpful in recognizing the market trend direction and provides dynamic support or resistance levels.
The indicator is displayed directly on the main trading chart.
We suggest to use it as a filter for opening and exiting transactions. Go ahead and add it to your best trading system.
It fits all kinds of timeframes and currency pairs.
The default indicator 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 Loco indicator in MT4?
Copy and paste the loco-indicator.mq4 or loco-indicator.ex4 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, that 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 Loco 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.
Loco Indicator Free Download
To download the Loco Indicator for Metatrader 4 (MT4) for free just click the button below: