Entry Signal

Entry Signal Indicator For MT4 Trading Signals

The above AUDCAD H4 price chart shows the Entry signal++ indicator for MT4 in action. The indicator displays the BUY arrow trading signals and the BULLISH bars in BLUE. Similarly, shows the SELL arrow signals and the BEARISH bars as RED. As it does not change the color of neutral bars, the neutral bars are displayed in GREEN.

The indicator changes the bar color and provides a BLUE arrow indicating the beginning of a BULLISH price trend. So forex traders can enter a BUY position with a stop loss at the end of the previous downtrend or the first bar of the neutral trend. This helps the trader to avoid whipsaws and to have a decent stop loss. On the other hand, traders can continue to hold the position and ride the trend until the bar color changes to neutral or RED.

Similarly, if the bar color changes to RED and simultaneously a RED arrow signal appears it indicates the beginning of a BEARISH market trend. At this moment, forex traders can place a SELL trade and enter the market in a downward direction. The best stop loss can be placed above the last bar of the previous uptrend or at the first bar of the previous neutral trend. However, forex traders can use the trading signals to follow the trend and stay in the downtrend until the bar color changes to neutral or opposite signal color.

Trends identified in higher time frames tend to be more stable and last longer than their smaller counterparts. So forex traders can identify the trend direction in a higher time frame and enter the markets in a lower time frame with the best possible entry.

Conclusion
Forex traders can trade the Entry Signal++ indicator for MT4 as a standalone indicator as it provides the entry and exit points. But, for best results, forex traders should use the indicator in confluence with other technical tools. Additionally, traders can download the indicator for free and install it easily.