Symbol Index

! Symbol Index MA (alerts) Indicator

! Symbol Index MA (alerts) Indicator For MT4 provides buy and sell forex trading signals based on the currency strength index of a currency pair

The! Symbol index MA (alerts) indicator for MT4 identifies trend direction by calculating the currency strength of one currency of the trading pair. However, the indicator is similar to currency strength index or currency strength meter and calculates the currency strength index to plot an oscillator. Moreover, it only calculates the currency strength of the base currency as input in the indicator settings. Additionally, it applies two moving averages to filter the trading signals.

The indicator is simple to use and works well in all chart time frames and is best for new and advanced forex traders.

!Symbol Index MA (alerts) Indicator For MT4 Trading Signals

The indicator plots a red currency index value line and 5 periods or fast moving average as orange and 13 period or slow MA as blue. Generally, the trading strategy is based on the moving average crossover of the currency index line.

There are two conditions for a bullish trading signal. Both moving average lines should cross above the currency index line and fast MA should be above the slow MA. Traders should enter a buy trade and place a stop loss below the previous swing low. On the other hand, traders should book profits at an opposite trading signal or with a good risk reward ratio.

Traders should employ a similar strategy in a bearish condition. If both moving averages are below the currency strength line and the fast MA is below the slow MA, it’s bearish.

However, traders can choose the mysymbol in the indicator input settings, to calculate the desired currency strength.

Conclusion
In summary, the !Symbol index MA (alerts) indicator for MT4 provides forex trading signals based on the currency strength index