Absolute Strength Histogram Metatrader 4 Forex Indicator

The Absolute Strength Histogram MT4 forex indicator draws buy/sell colored histogram bars in a separate Metatrader 4 window.

The histogram bars are based on a mix of trend strength and a moving average.

Green absolute histogram price bars indicate the trend is bullish and currency traders look for buy trade opportunities.

Red absolute histogram price bars indicate the trend is bearish and currency traders look for sell trade opportunities.

For more reliable trading signals, combine the Absolute Strength Histogram with a trend following indicator, for example the 100 simple moving average would be a good choice.

Trade in the direction of the underlying trend and avoid trading against the trend.

Works for scalping, day trading and swing trading purposes.

Feel free to experiment with the default indicator settings.

Free Download

Download the absolute-strength-histogram.mq4” MT4 indicator

Example Chart

The EUR/USD Hourly chart below displays the Absolute Strength Histogram Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the Absolute Strength Histogram MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Initiate a new buy trade when the Absolute Strength Histogram forex indicator changes from red histogram bars to green histogram bars.

Sell Signal: Initiate a new sell trade when the the Absolute Strength Histogram forex indicator changes from green histogram bars to red histogram bars.

Trade Exit: Close the open buy/sell trade when an opposite signal occurs, or use your own method of trade exit.

Download

Download the absolute-strength-histogram.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (Mode, Length, Smooth, Signal, Mode MA) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: Histogram Trend

Installation

Copy and paste the absolute-strength-histogram.mq4 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)

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