The Evolution Forex Indicator is a simple trend reversal strategy.
At first glance, it may involve Bollinger Bands, Heiken Ashi candles, and buy/sell arrow indicators.
However, this system fits all kinds of timeframes and currency pairs.
How does it work? How to apply in trading?
Trading Rules Explanation
Buy Entry: Look for long trade after the upward arrow appears on the chart. Candles should be blue and touch the lower band. Place your stop-loss(SL) a few pips below the last swing low.
Sell Entry: Look for a short trade after the downward arrow appears on the chart. Candles should be red and touching the upper band. Place your stop-loss(SL) a few pips above the last swing high.
Exit Trade / Take Profit: Close your open position when the trend filter stops colorizing bars, or use your preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
How to set up the Evolution Forex System in MT4?
- BetterVolume 1.5a Alerts mod.ex4
- Evolution Forex System. tpl
Copy and paste indicator files into the MQL4 folder of the MetaTrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Similarly, copy and paste the template file to the Templates folder.
Now, right-click on the chart, and hover over Templates. You will have displayed a list of available systems; left-click the template name you want to run.
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The Evolution Forex System is worth adding to your trading collection but remembers to have realistic expectations. Like any other technical analysis tool, it cannot provide accurate signals 100% of the time. Thus, it will give false signals occasionally. Its performance will change significantly depending on market conditions.