Slope Arrow Signals Metatrader 4 Forex Indicator

The Slope Arrow Signals Metatrader 4 indicator draws a slope together with buy and sell trading arrows on the chart.

The indicator is based on the Renko forex indicator.

The signals from this indicator are quite easy to understand, even for beginners:

A gray up arrow suggests it’s time to buy the currency pair. The slope now becomes gray.

A magenta down arrow suggests it’s time to sell the currency pair. The slope now becomes magenta.

The Slope signals indicator can be used for scalping, day trading and swing trading currencies.

For scalping and day trading, use it during the London and New York trading sessions.

Free Download

Download the slope-direction-line-indicator.mq4” MT4 indicator

Example Chart

The EUR/USD H4 chart below displays the Slope Arrow Signals forex indicator in action.

Basic Trading Signals

Signals from the Slope Arrow Signals forex indicator are easy to interpret and goes as follows:

Buy Signal: Open buy trade when the indicator draws a gray arrow on the chart.

Sell Signal: Open sell trade when the indicator draws a magenta arrow on the chart.

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

Download

Download the slope-direction-line-indicator.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: chart pattern

Customization options: Variable (method, price, renko, period) Colors, width & Style.

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

Type: Trend

Installation

Copy and paste the slope-direction-line-indicator.mq4 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)

Share Now!