This indicator is an intra-day trading tool for traders. Sometimes it can be viewed as a forex scalping indicator, but that is not the case. It takes time for this forex indicator to give its signals, even if it may give several signals in a day.
This indicator is not limited to use in certain mt4 currency pairs. It was made for use on all the mt4 currency pairs. We can also use the Forex MTN indicator in any time frame as the traders like. The choice of the chart timeframe will depend on the number of times that the forex trader is going to carry out and the profits that the forex trader is targeting. If the trader, as an example, chooses to use a tight chart timeframe like the M15, they will receive more trading signals as compared to if he would prefer to use the H1 timeframe trade. However, the trader will be trading for brief periods since they will be receiving periods too often, and some of those entry signals will be opposite to the previous entry ones.
The Forex MTN indicator is shown on a separate mt4 chart below the main trading chart. The indicator shows green bars that correspond with the pre-calculated trend of each candlestick or bar that forms in the main trading chart. The green bars are synchronized in a waveform that swings about a zero line at the middle. There are red color and blue dots that form on the indicator chart bars. These dots are the trading signals.
Fig.1. The Forex MTN indicator is inserted on the EUR/USD mt4 chart.
The vertical scale of the forex indicator’s chart has five given levels which include -35,-12, 12, 0, and 35. The -12 and 12 levels are the most used to enter the trade. However, you can change the given levels in the forex indicator customization window if you so desire. You can also add descriptions of the given levels to make it easier for you to use them during your real-time trading. However, even if you chose to change or alter the given levels, you should consider putting your indicator levels below the 12 and above the -12 levels.
Fig.2. The indicator levels and color of the levels have been changed. Also, there is a description added on the levels.
How to use the Free Forex MTN indicator to enter a trade
When trading using the Free Forex MTN indicator, the forex trader should always check for the formation of the dots in the mt4 indicator’s chart. Then the forex trader is to wait for the start of the formation of the next chart candle in the main trading mt4 chart for him or her to put a trade. The red color dot is the SELL entry signal, while the blue color dot is the BUY entry signal. The trader should not look for an opposite signal to appear so that they can close the open order, but they should rather close the open order once the wave crosses the zero level to be safe and always make some profits.
Opening a sell Trade
For a trader to put a sell order, the wave of the bars in the indicator’s chart has to be passed or just about the -12 level and the red dot has to have been showing. Therefore when you see that the bars have crossed the -12 level, get ready for a sell entry signal and close the buy entry order if you have opened any.
Opening a buy Trade
For a trader to place a buy entry signal, the wave of the bars in the indicator’s chart has to have crossed the 12 levels moving upwards. Then look for the formation of the blue color dot. Therefore the trader should close the sell entry order if there is any that is opened.
Examples of opening trades using the Free Forex MTN indicator.
- Trading the GBP/USD.
- Trading the EUR/GBP.
Forex MTN Indicator Free Download