As the name implies, the Beginner MT4 Forex indicator was developed with beginner traders in mind.
The signals generated by this indicator are easy to follow and clearly visible on the trading chart.
It’s called a stop and reverse buy/sell signals indicator.
Deploy the indicator for any trade style of your preference (scalping, day trading, swing trading).
Key Takeaways
- A blue dot printed on the chart indicates a bullish trend.
- A red dot printed on the chart indicates a bearish trend.
- Works for currency pairs, Stocks, Indices, Commodities,..
Learn below how to open buy and sell trades with the Forex Beginner MT4 indicator.
Free Download
Download the “beginner.ex4” Metatrader 4 indicator
Indicator Example Chart
Here’s an example (USD/CHF H4 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The Beginner MT4 Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Open a buy trade when the Beginner indicator draws a blue dot on the chart.
Place stop loss 1-3 pips below support, or use your own favorite SL method.
Exit long take profit whenever a red dot appears on the chart or close the buy trade for a fixed profit target (for example +25 pips on the M5 chart).
Sell Trigger: Open a sell trade when the Beginner indicator draws a red dot on the chart.
Place stop loss 1-3 pips above resistance, or use your own favorite SL method.
Exit short take profit whenever a blue dot appears on the chart or close the sell trade for a fixed profit target (for example +12 pips on the M1 chart).
Download This Forex Indicator
Download the “beginner.ex4” MT4 indicator
Adjustable Parameters & Settings
All bars, period, color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
Usage
The indicator can be deployed as a standalone trading system or strategy.
It can also be combined with trend indicators (moving averages, Bollinger Bands,..), technical oscillators (slow Stochastic, RSI,..) and price action strategies.
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
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
