The Four Average Forex MT4 indicator is a trend-following momentum oscillator that consists of 4 moving averages for better trend prediction.
The indicator appears in a separate Metatrader 4 window underneath the activity chart in the form of a dual colored trend oscillator.
The indicator paints green positive bars above its neutral 0.00 level while red negative bars below.
For scalping purposes, use the indicator on the major currency pairs in the more volatile London and U.S. trading sessions.
Just load the Four Average Forex indicator onto the Metatrader 4 chart and start trading with it in minutes.
- A buy trend occurs when the Four Average trend bars are colored green.
- A sell trend occurs when the Four Average trend bars are colored red.
- Works for scalpers, day traders and swing traders.
- Utilize as a standalone indicator or combine with other indicators.
Feel free to explore the Four Average Forex indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Chart (GBP/NZD H1 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 Four Average Forex MT4 Indicator
Buy Signal: Open a long position when the Four Average trend bars turn back above the zero level (green color).
Set your stop loss 3 pips below support, or use your own favorite stop loss method.
Exit the buy trade for a reward/risk ratio of 1.5 or better, or wait until you get an opposite sell signal.
Sell Signal: Open a short position when the Four Average trend bars turn back below the zero level (red color).
Set your stop loss 3 pips above resistance, or use your own favorite stop loss method.
Exit the sell trade for a reward/risk ratio of 1.5 or better, or wait until you get an opposite buy signal.
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Period FA, average 1, average 2, average 3, average 4, paint arrow, 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: trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.