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.
- 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.
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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.
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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
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.