Forex X Code is a popular trading system indicator that was designed for mt4 (Metatrader 4).
It’s considered a real trading system that provides easy-to-trade buy and sell signals on the chart.
The indicator pops up in the main MT4 chart window as a buy/sell indicator along with signal lines.
Buy & Sell Trade Example
- A big blue arrow UP colored is a buy signal.
- A big red arrow DOWN is a sell signal.
For scalping and day trading, the indicator tends to work the best during the London and American trading sessions.
The Forex X Code indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
The indicator works equally well on all currency pairs (majors, minors, and exotics) and shows promising results when used correctly.
Free Download
Download the “forex-x-code-indicator.ex4” indicator for MT4
Indicator Chart (EUR/USD M5)
The example chart below displays the Forex X Code mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Forex X Code indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: System
Does the indicator repaint? No.
Forex X Code + 4 Time Frame Hull Trend MT4 Intraday Strategy
This MT4 intraday strategy combines the Forex X Code Indicator and the 4 Time Frame Hull Trend Indicator.
The Forex X Code signals trades with blue UP arrows for buy and red DOWN arrows for sell.
The 4 Time Frame Hull Trend Indicator confirms the trend: all four histogram bars are green for a bullish trend and purple for a bearish trend.
This strategy works well on 1-minute (M1) to 1-hour (H1) charts, targeting intraday trends with moderate pip gains.
Buy Entry Rules
- Confirm all four histogram bars on the 4 Time Frame Hull Trend Indicator are green, indicating a strong bullish trend.
- Wait for a blue UP arrow from the Forex X Code Indicator.
- Enter a buy trade at the close of the candle with the blue UP arrow.
- Set a stop loss below the recent swing low.
- Set take profit between 10–25 pips for M1–M5 charts, and 20–50 pips for M15–H1 charts.
Sell Entry Rules
- Confirm all four histogram bars on the 4 Time Frame Hull Trend Indicator are purple, indicating a strong bearish trend.
- Wait for a red DOWN arrow from the Forex X Code Indicator.
- Enter a sell trade at the close of the candle with the red DOWN arrow.
- Set a stop loss above the recent swing high.
- Set take profit between 10–25 pips for M1–M5 charts, and 20–50 pips for M15–H1 charts.
Advantages
- Provides clear entry signals with strong trend confirmation.
- Works across multiple timeframes, from M1 to H1.
- Helps avoid false signals by requiring all four Hull histogram bars to align.
- Suitable for intraday traders looking for short-term trend trades.
Drawbacks
- Frequent trades on lower timeframes may increase broker costs due to spreads and commissions.
- Small pip targets may require multiple trades to achieve meaningful profits.
- Traders may experience emotional stress due to rapid decision-making in intraday trades.
- Performance may vary across currency pairs depending on volatility and liquidity.
- Slippage can occur during high-impact news events, affecting trade execution.
Example Case Studies
Case Study 1: EUR/USD M5 Chart
The 4 Time Frame Hull Trend Indicator showed all four histogram bars green, confirming a bullish trend.
A blue UP arrow appeared on the Forex X Code Indicator.
Entered a buy trade at 1.1050 with a stop loss at 1.1040 and take profit at 1.1060 (10 pips).
The price moved upward and reached take profit within 12 minutes.
Case Study 2: GBP/JPY M15 Chart
The 4 Time Frame Hull Trend Indicator showed all four histogram bars purple, confirming a bearish trend.
A red DOWN arrow appeared on the Forex X Code Indicator.
Entered a sell trade at 159.80 with a stop loss at 160.00 and take profit at 159.50 (30 pips).
Price moved downward and hit the take profit within 45 minutes.
Strategy Tips
- Use M1–M5 charts for quick intraday scalps and M15–H1 for longer intraday trades.
- Trade during active sessions, such as London and New York, to maximize trend movement.
- Adjust stop loss and take profit levels based on volatility and timeframe.
- Practice on a demo account before applying to live trading for consistent results.
Download Now
Download the “forex-x-code-indicator.ex4” indicator for Metatrader 4
