Introduction to the MPC Indicator
The MPC indicator is based on the channel breakout.
The basic ruled that applies here is the following – the long position is opened when the price shows new X days maximum, and the short position is opened when the price forms new X day minimum.
It allows forecasting the trend direction. But there is a problem – very often trend detected with a lag and the most of the profit is lost.
It fits all kinds of timeframes and currency pairs.
The indicator 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 to set up the MPC indicator in MT4?
Copy and paste the MPC.ex4 or MPC.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 MPC 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.
MPC Indicator Free Download
To download the MPC Indicator for Metatrader 4 (MT4) for free just click the button below: