FX Forecaster Indicator for Metatrader 4
The FX Forecaster indicator for Metatrader 4 enables traders to forecast currency prices with great precision.
The FX Forecaster is based on OSMA and price action divergence trading. It trades with less lag.
The indicator loads onto the main MT4 activity chart in the form of purple histogram bars that appear above and below the horizontal 0.00 level.
The indicator can be attached to any price chart and delivers interesting results in volatile currency markets.
For scalping purposes, it’s recommended to use the Forecaster indicator during the London and American trading sessions.
Just load the FX Forecaster indicator onto the chart and start trading with it in minutes.
- A purple histogram that appears above the 0.00 level indicates a bullish trend.
- A purple histogram that appears below the 0.00 level indicates a bearish trend.
- Works on any currency pair and time frame.
- Nice results in volatile markets.
Feel free to explore the FX Forecaster indicator’s different parameters and settings to create your own personalized indicator setup.
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Indicator Chart (USD/JPY 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 FX Forecaster MT4 Indicator
Buy Signal: Initiate a buy trade as soon as the first purple Forex Forecaster bar gets printed above the zero level.
Set your stop loss below the most recent swing low price, or use your own favorite stop loss strategy.
Exit the buy trade for a reward/risk ratio of 2.0 or better, or wait until you get an opposite sell signal.
Alternately, apply your own take profit method to close the buy trade.
Sell Signal: Initiate a sell trade as soon as the first purple Forex Forecaster bar gets printed below the zero level.
Set your stop loss above the most recent swing high price, or use your own favorite stop loss strategy.
Exit the sell trade for a reward/risk ratio of 2.0 or better, or wait until you get an opposite buy signal.
Alternately, apply your own take profit method to close the sell trade.
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Fast EMA, slow EMA, signal, draw divergence lines, display alerts, MA 1 period, MA 2 period, type, colors, levels, visualization.
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.