The EMA Forex Signal indicator for Metatrader 4 is based on two exponential moving averages and it delivers buy/sell signals.
- The indicator generates a buy arrow when the faster EMA crosses the slower EMA bottom-up.
- The indicator generates a sell arrow when the faster EMA crosses the slower EMA top-down.
The slower and faster EMA period can be easily adjusted by editing the indicator’s inputs.
Indicator Chart Example
The picture below shows the EMA Forex Signal indicator attached to the Euro / U.S. Dollar H1 chart.
How to use the EMA Forex Signal indicator?
The indicator can be used in multiple ways, find an example below:
- A buy signal occurs as soon as the white colored arrow appears on the chart.
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed take profit target or wait for a sell signal.
- A sell signal occurs as soon as the violet colored arrow appears on the chart.
- Place your stop loss the above most recent swing high.
- Exit the sell trade for a fixed take profit target or wait for a buy signal.
How to install this indicator to the Metatrader 4 platform?
- Download the ma2-signal-v2.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration