Oracle Direction Indicator MT4

The 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.

Introducing the Oracle Direction Indicator

MT4 Indicator Overview

The download link of the Oracle Direction MT4 indicator is placed at the bottom of this post. Once you’re done, 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

How to set up the Oracle Direction indicator in MetaTrader (MT4)?

Installation Guide

Download the Oracle Direction.rar archive at the bottom of this post, unpack it, then copy and paste the oracle-direction.ex4 or oracle-direction.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.

Conclusion

The 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.