100 Pips Metatrader 4 Forex Indicator
The 100 Pips Metatrader 4 indicator displays two trading lines on the chart, a blue line and a red line.
Trading signals will be generated when the blue line crosses the red line from below or the blue line crosses the red line from above.
This is a typical forex crossover trading system. It’s used very often when it comes to trading currencies.
The principle is very easy to understand:
When the shorter period signal line crosses the longer period signal line from below, this is a buy trade signal.
When the shorter period signal line crosses the longer period signal line from above, this is a sell trade signal.
The 100 Pips Metatrader 4 indicator is mostly used for scalping and day trading currency pairs during the London and New York trading sessions.
The EUR/USD M5 chart below displays the 100 Pips Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the 100 Pips forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the blue signal line crosses and closes above the red signal line from below.
Sell Signal: Open sell trade position when the blue signal line crosses and closes below the red signal line from above.
Trade Exit: Close the open buy/sell forex position when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the 100-pips-indikator.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)