The Forex Signals indicator is one of the most simple indicators out there because it gives very straightforward signals. You don’t have to be a professional to use this tool, any trader of any level can take advantage of it.
The Forex Signals indicator draws a channel that provides arrows, showing you when to enter long and short positions. It also indicates the stop loss and takes profits levels right on the chart. To my mind, the indicator works best for scalping trading strategy. That’s why it’s better to use it in lower timeframes, but of course the choice of assets and timeframes is up to you.
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Forex Signals Indicator Installation
- Unzip the file you’ve downloaded.
- Find the file that is called “forex-signals.ex4” and copy it.
- Open your MT4.
- Go to “File – Open Data Folder – MQL4”.
- Paste the file into the “Indicators” folder in MQL4.
- Restart your MT4.
After the installation, your trading chart will look like this:
Basic Trading Signals of the Indicator
As mentioned before, trading signals of this indicator are simple and straightforward. You simply need to wait for the indicator to generate an arrow.
BUY signal: a green arrow appears. Place a stop loss below the green line and take profit at the red line or exit at the opposite signal.
SELL signal: a red arrow appears. Place a stop loss above the red line and take profit at the green line or exit at the opposite signal.
Examples of the trades:
My conclusion on the Forex Signals Indicator
Forex Signals indicator is a good example of simple channel indicators. Sometimes, channel indicators cause confusion of the forex beginners but with the Forex Signals indicator you will easily learn how to read the channel lines. I recommend to start testing this indicator on a demo account first.
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