The MA 3 Color Forex indicator for Metatrader 4 is based on three moving averages and it generates solid buy & sell trading signals.
Generally speaking, the trend is bullish (buy) when price trades above the MA 3 Color line and bearish (sell) while trading below.
For scalpers, the indicator tends to produce the best results during the London and American trading sessions.
The moving averages periods can be modified by accessing the indicator’s inputs.
Indicator Chart Example
The picture below shows the MA 3 Color indicator attached to the EUR/USD M15 chart.
How to use the MA 3 Color Forex indicator?
The indicator can be used in multiple ways, find an example below:
- Open a buy trade as soon as the candlestick closes above the MA 3 color indicator.
- Place your stop loss 3 pips below short-term support.
- Exit the buy trade for a fixed take profit target or wait for a sell signal.
- Open a sell trade as soon as the candlestick closes below the MA 3 color indicator.
- Place your stop loss 3 pips above short-term resistance.
- Exit the sell trade for a fixed take profit target or wait for a buy signal.
How to install the indicator to the Metatrader 4 platform?
- Download the ma-3-color-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