If you are looking for an buy sell arrow indicator MT4 that generates buy and sell signals, here’s one attached below.
Once you attach this buy and sell arrow MT4 indicator on any chart it draws two different types of arrows based on a line on the chart that changes color. When the line on the chart changes to red, a red arrow is drawn. When the line changes colour to blue, a blue arrow is drawn.
What do these arrows mean?:
- Red arrow pointing down = Sell Signal
- Blue arrow pointing up = Buy Signal
How To Trade The Buy Sell Arrow Indicator MT4
There’s really not much thinking that would go into trading this indicator. Just buy when the signal turns blue. Just sell when a red arrow forms.
Here’s how to buy:
- When a blue arrow arrow is formed, place a pending buy stop order 1-2 pips above the high of the candlestick that corresponds to the blue arrow being formed.
- Place your stop loss 1-5 pips
- For take profit, there are few options: exit and take profit when an opposite signal (red arrows) is generated. Or use a previous swing high peak as your take profit target level.
Go setup your MT4 trading account at: ForTrade.com
Here’s how to sell:
- When a red arrow forms, place a sell stop pending order 1-2 pips below the low of the candlestick that corresponds to the red arrow being formed.
- Place your stop loss 2-5 pips above the high of the candlesticks
- Exit the trade and take whatever profit you have when an opposite signal is generated or look for a previous swing low and use that as your take profit target level.
Advantages of The Buy Sell Arrow Indicator
- Does work really well in strong trending markets
- Very easy to use: just follow the arrows that appear. Red arrow means sell, blue arrow means buy. Even a 5 year old child can trade forex just following the buy and sell signals generated by the arrows.
- Indicator works in all timeframes and currency pairs.
Disadvantages of The Buy Sell Arrow Indicator
- A flat ranging market, you will have many false buy and sell signals.
- You will notice that this indicator is almost like a moving average indicator in a sense that it is lagging. Buy and sell arrows signals are generated after price has already make a move.
This chart below shows what I’m talking about:
Buy Sell Arrow Mt4 Indicator Download Link
Here the download for the indicator : BuySellArrowScalper_V2.0.ex4.