The HVR Forex indicator for Metatrader 4 is an overbought/oversold oscillator that can help you to find the perfect trade entries and exits.
The indicator appears in a bottom chart as a red line that oscillates between the 0 and 3 extreme values.
The 0 value is oversold while 3 is overbought.
Buy & sell signal:
- A new buy signal occurs when the HVR oscillator reaches 0 and the underlying trend is upward.
- A new sell signal occurs when the HVR oscillator reaches 3 and the underlying trend is downward.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading systems.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the HVR oscillator indicator to your Metatrader 4 platform?
- Download the hvr-oscillator.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