Grail Indic Forex Indicator was developed and submitted by the grailforex.com for the scalpers. It was designed for scalping. It works best when used to scalp the following currency pairs: EUR/USD, GBP/USD, USD/CHF, AUD/USD, EUR/GBP, EUR/JPY and USD/CAD.
You may use the indicator with any of the timeframes. However for a scalper the tighter timeframes are always best. You should target to use the M5, M15 and M30 timeframes.
Fig.1. The Grail Indic indicator loaded on the trading chart.
Grail Indic Indicator is responsible for the display of the yellow star shaped arrow and the pink trend line. The yellow star shaped arrow are the signals while the pink trend line is just a confirmation of the trend of the market prices. There are some red circles that are also clear on the chart. This just represent the start of the formation of the trend lines. The red circles have no significance trading signal, they just show or indicate where the trend lines began to form.
Just as it is clear from the above figure, the indicator is very cool and don’t fill your chart with a lot of fluff. It only displays the necessary information for the trader to use when trading.
So, how specifically should a trader use this indicator to trade?
One thing that is true with this indicator is that the signals that it gives are very accurate. Therefore the trader ought to do exactly as the signals suggest.
Placing a buy order: for the buy signals, the yellow star shaped arrows are formed bellow the market prices. So when an arrow appears below the candles, it is a straight buy. Although the indicator is free of the signal noises (errors), it is always customary and good habit to use the stops. For a scalper it is advisable to set your stops at a ratio of 2:1(that is the distance of the take profit is twice the stop loss). However ensure that the take profit is reasonable and easily achievable. Otherwise you will end up making a loss since the market will start to drop before hitting your take profit.
Fig.2. Placing a buy order while scalping the USD/CHF currency pair Grail Indic Indicator.
Placing a sell order: for the sell signals, the yellow star shaped arrows are formed above the market prices. So when an arrow appears above the candles, you should straight away place a sell. Although the indicator is free of the signal errors, it is always expected and good habit to use the stops (stop loss and take profit). Avoid using the trailing stops for this case. For a scalper it is advisable to set your stops at a ratio of 2:1(that is the distance of the take profit is twice the stop loss). However ensure that the take profit is reasonable and easily achievable. Otherwise you will end up making a loss since the market will start to move up before hitting your take profit.
Fig.3. Grail Indic Indicator palcing a sell order.
However, if you are watching the chart all through, then you may close the order when an opposite signal is given.
Forex Indicators Download – Instructions
Grail Indic Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
Grail Indic 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 Grail Indic Forex Indicator.mq4?
- Download Grail Indic Forex Indicator.mq4
- Copy Grail Indic 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 Grail Indic Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator Grail Indic Forex Indicator.mq4 is available on your Chart
How to remove Grail Indic 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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