MMR Indicator

MMR Indicator

MMR Indicator For MT4 combines MACD, RSI, EMA, and LWMA indicators to provide trend-based buy and sell forex trading signals

The MMR indicator for MT4 combines MACD, RSI, EMA and LWMA indicators to plot a histogram. The combinations of these 4 indicators provide trend based forex trading signals. Traders can customize the settings of MACD- Moving average convergence and divergence, RSI – relative Strength Index, EMA – Exponential moving average and LWMA – Linear weighted moving averages.

The indicator is suitable for new and advanced forex traders and works well in all chart time frames. Moreover, the indicator does not repaint after the candle close.

MMR Indicator For MT4 Trading Signals

The indicator plots a histogram with green upper bars and red lower bars. Moreover, it changes the candle color to green, red and grey based on the trend. The trading strategy is based on the appearance of the histogram bars above or below the zero line.

If a green histogram bar appears above the zero line, traders should consider entering the markets with a buy trade. A stop loss should be placed below the previous swing low and traders should book profits at opposite trading signal or if the histogram stops printing the bars. Traders who decide to exit the trades based on the non appearance of histogram may not be able to ride the trends, but it is useful for scalpers.

Similarly, traders should enter sell trade if red histogram bars appear below the zero line. The indicator does not repaint and is using EMA and LWMA to reduce the lag related to moving averages. However, the presence of all 4 indicators that use moving averages in one way or other provides slower trading signals.

Conclusion
In summary, the MMR indicator for MT4 smoothes the value of all 4 indicators to complement each other and identifies the trend.