Entry Point Forex Indicator was provided by forexentrypoint.org. It is an easy, smart indicator and you will not regret to use. But you will need to learn how it works and how to interpret the signal that is gives.
The indicator is displayed on a separate chart below the main trading chart. Unlike many other indicators, it displays nothing on the trading chart. After loading the indicator on the trading chart, you have to change the colors of the different lines so that they are visible since some of them are given no color. The trading signals are given by the different lines crossing each other. Therefore, it will require the trader to be very well acquainted with the indicator so that he can make the right decisions.
Fig.1. Showing the Forex Entry Point indicatorinserted to the trading chart.
From the chart above, the colors of the line of the indicator are changed. When changing the colors, you can use any color provided that it is the one that suits you.
The indicator consists of five line, however line of value 3 and of value 4 are not visible on a lower timeframe; they become visible when using a timeframe above H4. So when using a timeframe lesser than H4, you will only be using three line which are the value 1, value 2 and value 5. According to the colors used on the chart above, the line of value 1 is maroon in color, that of value 2 is blue in color while that of value 5 is yellow in color.
If you take a closer look at the chart, you will notice a very interesting phenomenon, where the line cross each other at the same instance most of the times. But there are some other few times when all the three line do not cross each other at the same time and point.
It is a good practice to use this indicator with other indicators if you are a forex beginner so that you will be able to make the right interpretation. The indicator also requires some extra knowledge of the technical analysis of the currency pair that you are just about to trade.
Placing trade when using the Forex Entry Point indicator alone.
NOTE: this is only recommended to traders who understands the forex market well. If not use this indicator in conjunction with another indicator like the FXI pivot point or any other of your choice especially one that generates arrows as signals.
The Forex Entry Point indicator signals are the crossing of the lines. The main line to look for is the line of value 5 (the value of the line is displayed when you point the line with the cursor). When the line gets below all the other lines you should place a sell order. When the line of value 5 cross the line and gets on top of all the lines, place a buy order.
Also it is good to note that the signal is most correct when the lines cross all at the same point. Also after placing the order, ensure that you also place a stop loss and a take profit. The stop loss should be at 10 pips. The take profit will depend on your set profit target and your technical analysis of the currency pair.
Example of when to place trades.
Forex Indicators Download – Instructions
Entry Point Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Entry Point Forex Indicator 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.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install Entry Point Forex Indicator.mq4?
- Download Entry Point Forex Indicator.mq4
- Copy Entry Point Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on Entry Point Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Entry Point Forex Indicator.mq4 is available on your Chart
How to remove Entry Point Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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