The MSP indicator is a forex indicator mt4 that displays buy and sell signals on the candlestick chart in the MetaTrader 4 platform.
It has already been coded with moving average formulas and many other strategies that make it a good indicator. Moving average is the best filter that is used in indicators.
Functions of MSP indicator
This indicator has many built-in functions that are useful for traders, specifically forex traders. For example, you can change the frequency of signals. Increasing the frequency will generate more signals in a specific timeframe. On the other hand, the decreasing frequency will generate a less accurate number of signals in a specific timeframe.
This indicator also has a good alert feature that will save your screen time.
Also, learn about the Forex Trend Indicator – Free Advanced System Download
Working of MSP mt4 indicator
The MSP indicator shows to buy and sell arrows on the chart. A red arrow means a sell signal, and a blue arrow indicates a buy signal.
You can also change the size of the arrows in the indicator’s settings.
The main drawback of this indicator is that it will not tell you about the stop loss level. So to tackle this, you must trade with a small lot size without stop loss.
Trading signals by MSP indicator
Open a buy trade:
When indicator will display a blue arrow below the candlestick with a buy text. Then buy a currency pair instantly with a small lot size. And close the opened trade when a sell signal is generated.
Open a sell trade:
Sell a currency pair with a small lot size in mt4 when a red arrow with a selling text is displayed on the chart. Hold the trade until a buy reversal signal is generated on the chart.
Best timeframes for MSP indicator
It works on all timeframes. But to get high accuracy, you should use it for intraday and swing trading only—for example, 15M, 30M, 1H, and 4H timeframes.
To trade the MSP indicator effectively in mt4, you should use this indicator with low frequency. MSP indicators generate more accurate signals with low-frequency settings and use them on higher timeframes.
You can also use this indicator with any other confluence to increase the winning ratio of this indicator.