Aroon Forex Signal Indicator For Metatrader 4
The Aroon indicator for MT4 identifies great trend reversal trade entries and exits across all time frames and MT4 symbols.
It can be used to trade currency pairs, Stocks, Gold, Silver, Indices,…
The Aroon indicator is also available for Metatrader 5. It can be downloaded here.
The vast majority of currency traders use the Aroon MT4 indicator for scalping and day trading purposes.
Signals and trends are easy to trade with it:
- A buy trend occurs when the Aroon’s yellow signal line crosses back above the blue line below. The trend has reversed to bullish from bearish.
- A sell trend occurs when the Aroon’s yellow signal line crosses back below the blue line below. The trend has reversed to bearish from bullish.
Play with the Aroon’s Mom default period to create more shorter or longer term signals.
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Aroon Forex Signal Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Aroon Forex Signal Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open an Aroon buy trade when the yellow signal line crosses back above the blue line. It indicates the trend reversed back to bullish.
Place initial stop loss just below immediate support, or use your own stop loss placement method.
Close the buy trade when the yellow line crosses back below the blue line (bearish now).
Alternatively, exit the buy trade for a fixed take profit target, for example, 12 pips on the 1-minute scalping trading chart.
Sell Trigger: Open an Aroon sell trade when the yellow signal line crosses back below the blue line. It indicates the trend reversed back to bearish.
Place initial stop loss just above immediate resistance, or use your own stop loss placement method.
Close the sell trade when the yellow line crosses back above the blue line (bullish now).
Alternatively, exit the sell trade for a fixed take profit target, for example, 25 pips on the 5-minute trading chart.
Maintain a higher profit outlook on the higher time frames (H1, H4, D1)!
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Mom period, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Aroon
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.