The EWO Forex Divergence Signals indicator for MT4 searches for divergence between price and a colored 2 EMA’s histogram.
It will provide you with low risk trend reversal signals.
You can trade the EWO Forex divergence indicator in 2 different ways:
- Follow the small colored buy/sell arrows.
- Follow the colored green/red histogram.
I prefer to trade the second option, but that’s my personal preference.
I find the signals to be pretty accurate most of the time.
Apply the EWO Forex Divergence Signals indicator to any currency pair and time frame.
Key Takeaways
- A green colored EWO Divergence histogram represents an uptrend.
- A red colored EWO Divergence histogram represents a downtrend.
- 2 Different options to trade with this indicator.
- Overall good trading results.
Feel free to explore the EWO Forex Divergence Signals indicator’s different parameters and settings to create your own personalized indicator setup.
Download This MT4 Forex Indicator Free
Download the “ewo-divergence-indicator.ex4” Metatrader 4 indicator
Indicator Example Chart (USD/CHF H4 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 EWO Forex Divergence Signals MT4 Indicator
Buy Signal: Open a buy trade order when the EWO Divergence MT4 indicator draws the first green bar on the chart (see chart example above).
Place a stop loss below the most recent low or nearest consolidation level, or use your own favorite SL method.
Exit the EWO divergence buy trade for a reward/risk ratio of at least 2.0 or close the trade just before key resistance.
Sell Signal: Open a sell trade order when the EWO Divergence MT4 indicator draws the first red bar on the chart.
Place a stop loss above the most recent high or nearest consolidation level, or use your own favorite SL method.
Exit the EWO divergence sell trade for a reward/risk ratio of at least 2.0 or close the trade just before key support.
Download This Forex Indicator Now
Download the “ewo-divergence-indicator.ex4” MT4 indicator
Adjustable Parameters
Fast EMA, slow EMA, signal, positive sensitivity, negative sensitivity, 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: divergence
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.
