Hello Forex Traders, I found this buy sell arrow indicator mt4 and some of you may be interested in it. This may be similar to the buy sell arrow scalper (well,almost looks the same, anyway).
Download link is on the last paragraph.
What Does The Buy Sell Arrow Indicator Do?
What this MT4 indicator does is this:
- draws a blue arrow which gives you the signal to buy
- and draws a red arrow giving you the signal to sell as shown on the chart below:
Here’s the thing: I’m really not sure if this indicator repaints or not because it is a Saturday as I’m writing this…that is something I will test out when the market opens on Monday.
Apparently, this buy sell arrow indicator can work well in a strong trending market but in a tight ranging market, you’ll have problems as you can see on the chart below:
Disadvantages of the Buy Sell Arrow Forex Indicator
Here are the disadvantages of the buy sell arrow forex indicator:
- trading signals (buy sell arrows) tend to be generated late after price has moved a fair deal. So there’s lagging factor here. See chart below for example of what I’m referring to here:
- in an ranging market, too many false signals will be generated.
- potential for stop loss distance to be huge.
Advantages of the Buy Sell Arrow Forex Indicator
- In a strong trending market, you can make a lot of profitable pips, see chart below for example:
How To Trade Using The Buy Sell Arrow Indicator
This buy sell arrow indicator supposedly can be used alone.
- You simply buy when you see a blue arrow or sell when you see a red arrow.
- Now, this buy sell arrow indicator is also supposedly meant for forex scalping which means trading in much smaller time frames like 1 minute and 5 minutes. However, it can also be used on the larger time frames as well.
Now, here’s one suggestion I have:
- combine this buy sell arrow indicator with one moving average indicator like 25 ema or 50 ema or even 100 ema.
- The purpose of the exponential moving average will be to act as a filter…if price is above the ema, you can only take buy trades and completely ignore the red arrows (sell signal).
- similarly, if price is above the ema and a sell signal is generated on the buy sell arrow indicator, you completely ignore it.
Using the moving average with buy sell indicator sort of helps in eliminating the number of trades you take and also whatever trades you take are in the direction of the main trend so your chances of success and profits increase.
Buy Sell Arrow Indicator MT4 Download Link
Here’s the download link for the buy sell arrow indicator: BuySellArrowScalper_V2.0.ex4
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