FX Sniper Indicator
FX Sniper MT4 indicator. Shows trend direction detects and displays forex trend changes. Easy color change indicator for entry and exit.Free to Download.
CATEGORIES: TREND, MT4
Updated on: 16.12.2023
The FX Sniper MT4 Indicator is an excellent trend following indicator which provides the forex trader with the current trend direction. Detects change of trend direction and provides the best Entry and Exit points. The simplicity of the FX Sniper MT4 indicator makes it easy to apply and trade the forex signals successfully.
This MT4 indicator works well for scalpers using the M5 and M15 charts. At the same time, swing traders can use the H1 and H4 charts to identify the trend and trade them successfully. The FX Sniper Metatrader Indicator is free to download and is easy to install.
This Metatrader indicator is best suitable for new forex traders. Because it helps to identify trends and start trading within a minimum time visually. However, advanced forex traders can incorporate the indicator with other trading indicators and tools in any trend trading environment.
FX Sniper MT4 Indicator Signals
The below EURUSD H1 chart shows the FX Sniper MT4 indicator in action. The indicator is displayed as a chart overlay in the main window. A BULLISH trend is displayed in GREEN color, while the BEARISH trend is shown in the RED color indicator line. As a result, the color of the indicator line changes from GREEN to RED once the trend changes from BULLISH to BEARISH.
The identification of an entry point is pretty simple and straightforward. Traders can enter the markets with a BUY position once the GREEN color line is formed, with a stop loss below the previous swing low. Forex traders can continue holding the positions, riding the trend wave, and exiting at the opposite signal. Oppositely, traders can initiate a SELL trade upon forming the RED color indicator line with a stop above the previous swing high.
The best exit of the SELL position shall be upon an opposite signal. However, Stop Loss and Take profit based on risk to reward ratio is also a part of an excellent trading plan. For a BUY position, forex traders can measure the Stop loss to the previous swing low. And use a risk to reward ratio of 1:2 or higher to determine the Take profit.
Conclusion
Obviously, the FX Sniper MT4 Indicator will provide great value to all types of forex traders. The applicability of the indicator across all chart time frames makes it an essential tool to be available in a trend trading kit. The capability of this Metatrader indicator to display the current trend and to provide an early signal of a trend change. It is vital for forex traders.
However, like all trend-following indicators, the FX Sniper Indicator will provide the best results. If combined and traded in confluence with other technical trading tools. Additionally, the indicator is free to download.
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