Arbitrage Indicator

Arbitrage Indicator

Arbitrage Indicator For MT4 plots histogram bars based on currency strength. Helps forex traders to buy the strongest and sell the weakest currency pair

The Arbitrage indicator for MT4 plots histogram bars based on currency strength of a given pair. Additionally, forex traders have the option to use multiple indicators like MACD, Stochastic Oscillator, RSI, CCI, RVI and DeMarker to calculate the currency strength. Moreover, the indicator calculates the currency strength based on the values derived from other pairs. As a result, forex traders can identify the best entry points to buy and sell.

The indicator works only on EURUSD, EURJPY, GBPUSD, GBPJPY, USDJPY and USDCHF. Since the indicator derives data from other currency pairs, traders should enable these pairs in marketwatch. However, it works on all chart time frames and is useful for new and advanced forex traders.

Arbitrage Indicator For MT4 Trading Signals

The indicator plots a histogram with a color legend of the currency pair mentioned on the comment area. Traders should identify the text color of the pair and relate it to the histogram color.

The trading strategy is to buy if the histogram color shows the color of primary currency and sell if the histogram shows color of secondary currency. Traders should keep in mind to buy the strength and sell the weakness by relating to the primary and secondary currency of the trading pair.

The indicator does not provide a stop loss or profit target. So, traders should cover the positions at the previous swing high/low and book profit at the opposite trading signal.

Conclusion
In summary, the Arbitrage indicator for MT4 provides forex trading signals based on the currency strength derived using a desired indicator.