Oracle Direction Indicator
Platform: MT4 Type: Trend Last update: October 13, 2024The Oracle Direction Indicator for MT4 uses blue and red arrows in two rows to provide buy or sell signals respectively and it’s available for free download. Both rows must be in agreement regarding trend direction before opening a trade, but is it any good? Let’s find out.
Getting familiar with the Oracle Direction Indicator
Upon activation, your trading chart should look similar to the examples below.
As you can see, its signals are displayed within a separate window placed just below the main trading chart. It consists of two rows of upward/downward arrows and cross marks. It’s a rather beginner-friendly indicator and can be utilized as a standalone trading tool or used in conjunction with more technical analysis gauges.
Key Takeaways
- For long trades both rows must be filled with blue arrows
- For short trades both rows must be filled with red arrows
- Stay away from trading when yellow mark appears
Conclusion
The MT4 Oracle Direction is one of many forex indicators to try. It fits all kinds of currency pairs and timeframes. The results aren’t spectacular but not bad either. Take into consideration that its performance will vary significantly depending on market conditions. We recommend trying it out yourself to form your own opinion.
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