BMI Long Indicator

BMI Long Indicator

BMI Long Indicator For MT4 combines OSMA, Bollinger bands, MACD, and Stochastic indicators to provide bullish and bearish forex trading signals

The BMI long indicator for MT4 combines OSMA, MACD, Bollinger bands and stochastic indicators to provide bullish and bearish forex trading signals. The indicator provides a histogram, signal line and helps traders in technical analysis to identify and follow the trend.

New and advanced forex traders can use this trend following indicator. Furthermore, the indicator works well in all intraday charts and provides consistent trading signals.

BMI Long Indicator For MT4 Trading Signals

The indicator plots the OSMA line in blue, MACD in white, Signal line in pink, upper Bollinger bands as orange, lower band as green and the zero line of the histogram as yellow.

If the pink signal line crosses over the 0 line it indicates a bullish trading signal. However, for additional confirmation traders should check if the OSMA line and MACD line are above zero line and are in the uphill direction.

Similarly, if the signal line crosses the zero line lower and simultaneously if OSMA line and MACD line are below zero and downhill it’s a bearish signal.

In fact, the indicator does not provide stop loss and take profit levels. So, traders should exit at the opposite trading signal or book profits with a good risk reward ratio.

Conclusion
In summary, the BMI long indicator for MT4 gives the traders a better understanding about the trend of the market. Though it combines multiple indicators the signals are profitable.