Ultimate MetaTrader 4 Indicator Signals
Originally developed and used to trade stock and commodities markets.
This MT4 Indicator aims at striking a balance between leading signals and lagging signals given by the common indicators.
- Leading - some indicators lead the market and give signals earlier than the optimum time
- Lagging - some indicators lag the market so far that half of the move is over before a signal is generated.
This is the balance that the MetaTrader 4 Indicator aims to strike, not to lead too much or lag too much - this way the MetaTrader 4 Indicator will always give a signal at the ultimate time, thus its name.
This indicator uses 3 different n-number of candlesticks and calculates the combined weighted sums of price action from these candlesticks and plots these values a scale ranging from 0 to 100. Values of above 70 are considered to be overbought levels while values of below 30 are considered to be oversold levels.
The time periods used to calculate the ultimate MetaTrader 4 Indicator are 7 periods (short term trend), 14 periods (intermediate term trend) & 28 periods (long term trend).
MT4 Indicator & How to Generate Trade Signals
This MetaTrader 4 Indicator can be used in generating buy and sell signals using various methods.
Center line Cross-over Signal
Buy Signal - values above 50 center line level
Sell Signal - values below 50 center line level
Center line Crossover Signal
Overbought/Oversold Levels on Indicator
Overbought - levels above 70 - sell signal
Oversold - levels below 30 - buy signal
Forex Divergence Trading
The MetaTrader 4 Indicator can also be used to trade divergence signals, below is an example of a classic bearish divergence signal.
MT4 Indicator
