The Momentum ATR Normalized Signal Indicator MT4 is a simple trading tool that operates similarly to other momentum oscillators. Comparable to the RSI, this indicator displays two lines on the chart: the momentum line and the signal line. Its oscillation range falls between 5.4 and -5.2. That forex indicator is free to download.
Sounds interesting? Let’s take a closer look at it.
Introducing the Momentum ATR Normalized Signal Indicator
MT4 Indicator Overview
The download link of the Momentum ATR Normalized Signal MT4 indicator is placed at the bottom of this post. Once you’re done, your Metatrader 4 trading chart should look similar to the example below.
As you can see, it utilizes a gold line to represent the momentum line and a blue line to signify the signal line. Signals are generated when these lines intersect, indicating bullish or bearish crossovers that can serve as entry and exit points for traders. While this indicator is most effective when applied to shorter timeframes, it can also be utilized on longer timeframes. Additionally, traders may choose to incorporate other tools such as the RSI or MACD alongside the Momentum ATR Normalized Signal Indicator for further analysis.
How To Read The Momentum ATR Normalized Signal Indicator?
In order to determine buy and sell signals, traders must first identify crossovers between the blue signal line and the gold momentum line. If the blue line crosses above the momentum line, it may indicate a strong uptrend and traders can enter a long position. On the other hand, if the gold momentum line crosses above the signal line, it may suggest a downtrend and traders should consider exiting their position.
Confirmation of these signals can be found in the presence of large bullish or bearish candles in uptrends and downtrends, respectively. For further signal validation, traders can also use other indicators such as the RSI or Moving Average.
These are available settings to customize.
How to set up that MT4 indicator in your trading platform?
Download the momentum-atr-normalized-signal-indicator-mt4.rar archive at the bottom of this post, unpack it, then copy and paste the momentum-atr-normalized-signal.ex4 or momentum-atr-normalized-signal.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 MT4 Momentum ATR Normalized Signal Indicator works in a similar manner to any other forex oscillator, utilizing crossovers to generate buy and sell signals that can assist traders in identifying precise entry and exit points. It can be used both as a standalone tool and as an entry filter in any trading strategy. As always, market conditions will influence its performance to a large extent.
Download Free Forex Momentum ATR Normalized Signal MT4 Indicator
To download the Momentum ATR Normalized Signal Indicator for Metatrader 4 (MT4) for free just click the button below: