The Oracle Direction Forex Indicator for MT4 uses blue and red color arrows in two rows to provide buy or sell entry signals, respectively, and it’s available for free download. Of course, both rows must agree regarding trend direction before opening a market trade, but is it any good? Let’s find out.
Introducing the Oracle Direction Forex Indicator
MT4 Forex Indicator Overview
The Free download link of the Oracle Direction MT4 forex indicator is placed at the bottom of this post. Once you’re done, your mt4 trading chart should look similar to the examples below.
As you can see, its entry signals are displayed within a separate chart window placed just below the main mt4 trading chart. It consists of two rows of downward/upward arrows and cross marks. It’s a relatively beginner-friendly indicator and can be used as a standalone trading tool or with more technical analysis gauges.
- For long entry trades, both rows must be filled with blue arrows
- For short-entry trades, both rows must be filled with red arrows
- Stay away from trading when the yellow mark appears
How to set up the Oracle Direction forex indicator in MetaTrader (MT4)?
Download the Oracle Direction.rar archive at the bottom of this post, unzip it, then copy and paste the oracle-direction.ex4 or oracle-direction.mq4 forex indicator files into the MQL4 folder of the MT4 trading platform.
You can gain access to this data folder by clicking the upper menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator, find the gauge name, right-click it, and select Attach to the chart.
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The Oracle Direction is one of many good forex indicators to try. It fits all kinds of mt4 currency pairs and timeframes. The results aren’t spectacular, but they are not bad either. Please consider that its performance will vary significantly depending on forex market conditions. We recommend simply trying it out yourself to form your own opinion.