Signal bars indicator for MT4 Introduction:
Signal bars indicator will save you tons of time because it will enable you to know what is going on at other timeframes without switching to different timeframes.
Whenever you are day trading, you need to closely observe what’s going on at all intraday timeframes and switch to other timeframes to conduct your analysis, which takes a lot of time and attention. But with the Signal bar indicator, you can skip this stressful work and focus on your strategy.
Working of Signal bars indicator:
It works by displaying a table of graphics at the top right corner of your charts. The columns of the table represent multiple timeframes which are listed below.
- M1
- M5
- M15
- M30
- H1
- H4
- D1
And the row of the table represents the strength of MACD, STR, and EMA with different colors.
This indicator also shows Spread, Pips to open, Hi to Low and Daily average below the table.
Signal Bars indicator for mt4 settings:
The settings of the indicator for mt4 are given below.
Trading strategy for Signal Bars Indicator:
When you are trading using this indicator, you should follow the following guide.
Buy:
Before taking a long position, always wait for at least 30M and 15M columns to turn blue and then take the position. And close the trade as soon as you see the sell signal as explained below,
Sell:
When the bars of 30M and 15M timeframe turn blue, you should take a short position and sell. And take profit as soon as you see the buy signal.
Conclusion:
The Signal bar indicator for mt4 is an excellent tool for traders, and especially for day traders. You should always use it in combination with other indicators like Rainbow Indicator MT4 to increase your chances of making some profits. Based on the information obtained from this indicator, the trader of any experience can draw conclusions and estimate for their next trade.
You can download the Signal Bar indicator for free by clicking at below link
Download indicator