Forecaster Forex Indicator is a trend swing indicator. This indicator is best suited for the long term traders or the intraday traders. It is suitable on all currency pairs and in all time frames.
This is a highly efficient indicator that doesn’t redraw or repaint. It is also a best choice for beginners. They will only have to go through the instruction so as to clearly understand all that is required when they are trading.
The forecast indicator is displayed on a separate window below the main trading chart. Its chart is divided into two sections by a zero line. Then there are black and pink bars that oscillate on this zero line. With this indicator unlike the other swing indicators, it doesn’t have any color change. The pink and the black bars can appear on either side of the zero line.
The trend of the market prices is indicated by the side of the zero line that the bars are formed. If the bars are formed on the lower side, then the trend in the market is a downward trend. If the bars are formed on the upper side of the zero line, then the trend is an upward trend. The black and pink bars have varying lengths depending on the strength of the trend in the market at the moment of their formation.
Fig.1. The Forecaster indicator.
The black bars shows a longer term trend as compared to the pink bars. That is the reason as to why you will notice that the pink bars swings (appear on both sides of the zero line) more often than the black bars. This means if the black bar is below the zero line and the pink bars are formed above the zero line, there is an upward retracement of the market prices from the overall down ward trend that is being indicated by the black bars. Therefore with this indicator the trader is able to differentiate when he or she is trading alongside the main trend or alongside a retracement and this will determine even how much the trader is to expect from each trade.
Using the Forecaster indicator to place and close orders
When using the Forecaster indicator, the trader should mainly eye the pinks bars especially if they are intraday traders. But for the long term traders, they can depend on the black bars.
For an intraday trader, he or she should place a buy when a pink bar to appear above the zero level and place a sell order when a pink bar to appear below the zero level. Intraday traders should close their trades when an opposite signal is given (when the pink bar is formed either below or above the zero line depending on the trade that is running).
Fig.2. Using the Forecaster indicator in intraday trading.
On the other hand, for a long term trader, he or she should place a buy when black bar appears above the zero line and a sell when a black bar appears below the zero level. The long term traders should close their orders when an opposite signal is given.
Fig.3. Using the Forecaster indicator in long term trading.
Forex Indicators Download – Instructions
Forecaster Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Forecaster 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 Forecaster Forex Indicator.mq4?
- Download Forecaster Forex Indicator.mq4
- Copy Forecaster 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 Forecaster Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Forecaster Forex Indicator.mq4 is available on your Chart
How to remove Forecaster 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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