The Cool Metatrader 4 indicator is a moving average type technical tool that analyzes data points of varying subsets of the entire data set.
The indicator pops up on the chart window as a red line with a constantly updated mean price.
One of its most popular signal method is the crossover technique that’s often used in Forex.
The Cool Indicator can be tailored into any time frame, thus suiting both long- and short- term traders.
- In order to filter out “noise” from periodic price spikes, the Cool indicator is well suited for smoothening out price trends.
- Noticeably, the Cool Forex indicator can be deployed when identifying trend direction.
- In order to generate trading signals, the indicator is combined alongside higher period moving averages to effectively utilize the crossover technique for maximum profit.
Feel free to explore the Cool Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Cool Forex Indicator Chart (CAD/JPY 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 Cool MT4 Indicator
Buy Signal: Go long when the red Cool MT4 indicator gets crossed under by the 55 SMA indicator in a bottom upward manner.
Sell Signal: Go short when the red Cool MT4 indicator gets crossed above by the 55 SMA indicator in a top downward fashion.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Cool indicator intersects the 55 SMA indicator.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Cool indicator intersects the 55 SMA indicator.
Tips: The Cool MT4 indicator is designed to be profitable on its own.
In a bid to get a better idea of price direction, focus on the Cool indicator’s angle.
When the line is angled up, price is believed to be moving higher.
Likewise, price is said to be moving lower when the Cool indicator line gets angled down.
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N Dot, count bars.
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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.