The Legacy Trader Forex indicator for Metatrader 4 can be used as a standalone trading tool for both trade entry and exit.
The buy & sell signals appear as colored blue and purple lines on the main chart.
The start of the blue line is a buy signal while the start of the purple line is a sell signal.
The indicator should work properly for any time frame of your preference.
For scalping and day trading, utilize the Legacy Trader indicator during the London and New York trading sessions only.
- Signal indicator
- Follows the overall trend
- Works for any time frame
- 100% Non-repaint signals
- Developed for Metatrader 4
Indicator Chart Example
The picture below shows the Legacy Trader indicator attached to the Euro / U.S. Dollar M1 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
- Open a buy transaction when the blue colored signal line appears on the chart.
- Place your stop loss 3 pips below the previous swing low price.
- Exit the buy trade for a fixed profit target or wait for the start of the purple colored line.
- Open a sell transaction when the purple colored signal line appears on the chart.
- Place your stop loss 3 pips above the previous swing high price.
- Exit the sell trade for a fixed profit target or wait for the start of the blue colored line.
How to install the Legacy Trader indicator to the Metatrader 4 platform?
- Download the legacy-trader-indicator.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