Introduction to the FX Multi-Meter Indicator
One of the best ways traders identify high probability trade setups is by finding confluences of various technical analysis indications. Having several technical indications point the same trade direction significantly increases the likelihood of a profitable trade.
The FX Multi-Meter Indicator is a trading tool which provides trade signals based on confluences of various technical indicators.
What is the FX Multi-Meter Indicator?
The FX Multi-Meter Indicator is a technical trading tool which is both an information board regarding various indicator directions and a direction signal indicator.
This indicator displays the following information:
- A Bar % Meter which indicates the percentage of increase or decrease in price within the current price bar compared to the last four bars.
- The MACD trend direction based on the crossing of the MACD line, signal line, and zero line.
- The direction of a 3-bar Linear Weighted Moving Average (LWMA) and a 5-bar Simple Moving Average (SMA).
- The Moving Average Crossover (MA-X) trend direction.
- The Parabolic SAR (PSAR) trend direction.
- The William’s Percentage Range (WPR%) trend direction.
- The Spread between the bid and ask price.
- The Exponential Moving Average (EMA) trend based on all the timeframes from M1 to D1.
- The Stochastic Oscillator momentum direction based on the M1 to the D1 timeframes.
- The overall trade direction signal.
How the FX Multi-Meter Indicator Works?
The FX Multi-Meter Indicator has an algorithm which includes the various indicators mentioned above within its algorithm. It then retrieves the data from the various indicators and plots it in a simple manner on its information board.
It also uses the trend signals coming from the various indicators mentioned above to look for confluences of trend and momentum direction. It then bases its trend direction signal on the confluences it identifies between the various indicators included within its algorithm.
How to use the FX Multi-Meter Indicator for MT4
The FX Multi-Meter Indicator allows users to modify the variable inputs of its underlying technical indicators within its indicator settings.
It has sections for the Stochastic Oscillator, Moving Averages, MACD, Moving Average Crossover, and Parabolic SAR variables. These individual variables are the variables available for the individual technical indicators if they were used as standalone indicators.
The FX Multi-Meter Indicator can be used as a trade signal. However, it is not an indicator that indicates trade setups. As such, it is best not to use this indicator for identifying take profit targets or exit strategies.
Buy Trade Signal
When to Enter?
Open a buy order as the FX Multi-Meter Indicator plots an upward pointing arrow on its “Signal” portion of the information board. It is best to use this trade signal as the bullish trade signal appears.
Sell Trade Signal
When to Enter?
Open a sell order as the FX Multi-Meter Indicator plots a downward pointing arrow on its “Signal” portion of the information board. It is best to use this trade signal as the bearish trade signal appears.
Markets with No Trade Direction Signal
There are markets which do not show clear trend direction based on the confluence of various indicators. In this case, the indicator would show an hourglass indicating that traders should wait for a clear trade direction.
Conclusion
The FX Multi-Meter Indicator is an excellent trade signal indicator because its identifies trade signals based on confluences. These signals tend to be high probability trade signals. However, it does not provide an actual trade setup. Traders can however use this as a confirmation of a bigger picture trade setup.
MT4 Indicators – Download Instructions
FX Multi-Meter Indicator for MT4 is a Metatrader 4 (MT4) indicator and the essence of this technical indicator is to transform the accumulated history data.
FX Multi-Meter Indicator for MT4 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly. Click here for MT4 Strategies
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How to install FX Multi-Meter Indicator for MT4.mq4?
- Download FX Multi-Meter Indicator for MT4.mq4
- Copy FX Multi-Meter Indicator for MT4.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader 4 Client
- Select Chart and Timeframe where you want to test your MT4 indicators
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader 4 Client
- Right click on FX Multi-Meter Indicator for MT4.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator FX Multi-Meter Indicator for MT4.mq4 is available on your Chart
How to remove FX Multi-Meter Indicator for MT4.mq4 from your Metatrader Chart?
- Select the Chart where is the Indicator running in your Metatrader 4 Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
FX Multi-Meter Indicator for MT4 (Free Download)
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La entrada FX Multi-Meter Indicator for MT4 se publicó primero en ForexMT4Indicators.com.