Introduction to the Parabolic Close Forex Indicator
The Parabolic Close Forex Indicator works in a very similar manner to the well-known Parabolic Sar indicator, but this one has some variations. The major change is the way of providing signals. Namely, the Parabolic Sar consists of dots, while the Parabolic Close is made of a solid line. When that line is below the price, it means a trend-momentum is considered bullish. Conversely, when the location of the signal line is above the price, it suggests a bearish trend-momentum.
The Parabolic Close Forex Indicator fits all kinds of timeframes and currency pairs. It 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.
Example trade with the Parabolic Close Indicator
Below is the screenshot of an example trade with the Parabolic Close Indicator.
As you can see, the line of the Parabolic Close Indicator switched from above the price to below it. Therefore, it was a signal for upward movement, which fact did happen, and the price raised significantly.
How to set up the Parabolic Close Forex Indicator in MetaTrader (MT4)?
Download the Parabolic Close.rar archive at the bottom of this post, unpack it, then copy and paste the Parabolic Close.ex4 or Parabolic Close.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 Parabolic Close Forex Indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free Forex MT4 Parabolic Close Indicator
To download the Parabolic Close Forex Indicator for Metatrader 4 (MT4) for free just click the button below: