The Linear Momentum Forex indicator for Metatrader 4 shows momentum in a linear way and provides buy/sell trade entries.
The indicator shows up in a bottom chart window as a red line that oscillates above and below its zero level.
Generally speaking, the trend is bullish when the red linear momentum line is above the zero level while bearish below.
The indicator works for all time frames and Forex pairs.
Indicator Chart Example
The picture below shows the Linear Momentum Forex indicator attached to the Euro / U.S. Dollar H4 chart.
How to use this Forex indicator?
This technical indicator can be used in multiple ways, find an example below:
- Open a buy transaction when the red Linear Momentum line crosses the zero level bottom-up and the overall trend is bullish.
- Place your stop loss below short-term support.
- Exit the buy trade for a fixed take profit target or near key resistance.
- Open a sell transaction when the red Linear Momentum line crosses the zero level top-down and the overall trend is bearish.
- Place your stop loss above short-term resistance.
- Exit the sell trade for a fixed take profit target or near key support.
How to install the Linear Momentum indicator to the Metatrader 4 platform?
- Download the linear-momentum.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