The Chimp Metatrader 4 indicator is a versatile technical tool that can be used with any forex trading system or strategy for additional confirmation of trade entries or exits.
The indicator presents its signals within a sub-window, in the form of a histogram.
We advise that the Chimp MT4 indicator be deployed as a filter when initiating and terminating trades. You can take the initiative on adding it to your best trading system.
- In order to fully understand how the market works and also derive the right trading insight, more attention should be given to the colored histograms forming above or below the zero-horizontal level.
- The Chimp Indicator is a combination of both trend and momentum indicators, as they form a hybrid indicator that is capable of generating the most profitable forex signals.
- The preconfigured settings can be modified directly from the input tab. Explore these settings and parameters to suits your trading preference.
- The indicator clearly fits all kinds of timeframes and forex pairs.
Feel free to explore the Chimp indicator’s different parameters and settings to create your own personalized indicator setup.
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Chimp Forex Indicator Chart (EUR/USD M30 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The Chimp MT4 Indicator
Buy Signal: Go long when the Chimp indicator prints lime filled histograms above the 0.00 signal level. Plus, price open and closes above the 32 SMA indicator.
Sell Signal: Go short when the Chimp indicator prints red filled histograms below the 0.00 signal level. Plus, price open and closes below the 32 SMA indicator.
Exit buy trade: Close all buy orders if while a bullish trend is on course, the aqua line of the Chimp Indicator breaks below the 0.00 horizontal level. Else, price bar open and closes below the 32 SMA indicator line.
Exit sell trade: Close all sell orders if while a bullish trend is ongoing, the aqua line of the Chimp indicator surges above the 0.00 horizontal level. Else, price bar open and closes above the 32 SMA indicator line.
Tips: The Chimp MT4 indicator is worth adding to your trading toolbox but ensure having realistic profit targets.
Its optimal performance will depend largely on how it’s being put to use.
Therefore, feel free to design a personalized trading system around the Chimp MT4 indicator.
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Weight DM, weight di, weight dx, weight out.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trend, Stop Loss
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.