Guppy Multiple Moving Averages Short Metatrader 4 Forex Indicator
The Guppy Multiple Moving Averages Short MT4 indicator is a Guppy MA based forex indicator that follows the short-term trend.
This special version consists of Multiple Moving Averages with shorted MA period.
The advantages: This indicator will generate more buy and sell signals that can be used for scalping purposes.
Drawback: The indicator will generate more false signals (read below how to avoid this).
Use the Short Guppy indicator only for scalping purposes and use in agreement with a longer period trend-following indicator.
Scalp in the direction of the overall trend, as indicated by the longer period trend following indicator.
Overall trend up? Only trade the buy signals from the Short Guppy indicator.
Overall trend down? Only trade the sell signals from the Short Guppy indicator.
The EUR/USD 1-minute chart below displays the Guppy Multiple Moving Averages Short Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Guppy Multiple Moving Averages Short MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a scalp long trade when price breaks above all green Guppy MA’s and the Guppy MA’s are pointing upward. The overall trend must be upward. Place stop-loss below short-term support.
Sell Signal: Initiate a scalp short trade when price breaks below all green Guppy MA’s and the Guppy MA’s are pointing downward. The overall trend must be downward. Place stop-loss above short-term resistance.
Trade Exit : 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
Type: short-term trend
Copy and paste the guppy-mulitple-moving-average-short.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)