The Doji Star Arrow Signal indicator for Metatrader 4 provides buy and sell signals based on the Doji candlestick pattern.
The Doji candlestick pattern forms when the candlestick’s open price and close price are almost the same.
It basically tells us that there’s market indecision between the buyers and sellers.
Neither buyers and sellers gain market momentum.
The Doji Star candle indicator will look at the next available candlestick and will tell you whether the buyers or sellers win the battle.
Then it will give you the buy or sell signal based on this market information. Very easy!
Key Takeaways
- A buy Doji signal occurs when the indicator prints a buy arrow on the chart. Buyers win the battle.
- A sell Doji signal occurs when the indicator prints a sell arrow on the chart. Seller win the battle.
- Utilize for scalping, day trading and swing trading.
Feel free to explore the Doji Star Arrow Signal indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “DogiStar.ex4” Metatrader 4 indicator
Indicator Example Chart (EUR/CHF 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 Doji Star Arrow Signal MT4 Forex Indicator
Buy Signal: Initiate a buy trade order when the Doji Star Arrow MT4 indicator draws the red buy arrow on the chart.
Set your stop loss 1 pip below short-term support, or use your own favorite stop loss method.
Take your profit at a fixed profit target or near resistance, or use your own favorite take profit method.
Alternatively, close the buy trade for a reward/risk ratio of 2.0 or better.
Sell Signal: Initiate a sell trade order when the Doji Star Arrow MT4 indicator draws the red sell arrow on the chart.
Set your stop loss 1 pip above short-term resistance, or use your own favorite stop loss method.
Take your profit at a fixed profit target or near support, or use your own favorite take profit method.
Alternatively, close the sell trade for a reward/risk ratio of 2.0 or better.
Download This Forex Indicator Now
Download the “DogiStar.ex4” MT4 indicator
Adjustable Parameters
Show Dogis, show arrows, colors, width, style.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: candlestick pattern
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
