Winning Forex Signals is a free mt4 (Metatrader 4) indicator that displays awesome buy and sell signals on the chart with the help of a trend channel.
The indicator pops up the main MT4 chart window as a trend channel indicator with the buy and sell signals plotted on the chart.
Buy & Sell Trade Example
- Open a buy trade as soon as the green buy arrow appears on the chart.
- Open a new sell trade as soon as the red sell arrow appears on the chart.
- Close the position at the opposite channel band.
The Winning Forex Signals 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-signals.mq4” indicator for MT4
Indicator Chart (EUR/AUD M15)
The example chart below displays the Winning Forex Signals 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 Winning Forex Signals 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: Signals
Does the indicator repaint? No.
Winning Forex Signals + Extreme Trend Explosion MT4 Scalping Strategy
This MT4 scalping strategy combines the Winning Forex Signals Indicator and the Extreme Trend Explosion Indicator to capture very short-term price movements.
The Winning Forex Signals Indicator signals a buy at the lower green channel line and a sell at the upper red channel line.
The Extreme Trend Explosion Indicator confirms the trend with green histogram bars for bullish trends and red bars for bearish trends.
This strategy is designed for scalpers targeting a few pips profit on 1-minute charts.
Buy Entry Rules
- Ensure the Extreme Trend Explosion Indicator shows green histogram bars, indicating a bullish trend.
- Wait for a green buy signal from the Winning Forex Signals Indicator at the lower green channel line.
- Enter a buy trade at the close of the candle showing the buy signal.
- Set a stop loss just below the recent swing low.
- Set take profit at 3–10 pips or exit when the histogram bar turns red.
Sell Entry Rules
- Ensure the Extreme Trend Explosion Indicator shows red histogram bars, indicating a bearish trend.
- Wait for a red sell signal from the Winning Forex Signals Indicator at the upper red channel line.
- Enter a sell trade at the close of the candle showing the sell signal.
- Set a stop loss just above the recent swing high.
- Set take profit at 3–10 pips or exit when the histogram bar turns green.
Advantages
- Quick signals for short-term scalping trades.
- Trend confirmation reduces false entries.
- Optimized for making small, rapid profits multiple times per session.
- Clear entry and exit rules improve trading discipline.
Drawbacks
- Requires constant focus and quick decision-making due to very short-term trades.
- Small pip targets require frequent trades to accumulate meaningful profits.
- High-frequency trading can lead to increased transaction costs from spreads or commissions.
- Execution speed and broker slippage can significantly affect performance.
- Not suitable for traders who cannot monitor the charts continuously.
Example Case Studies
Case Study 1: EUR/USD M1 Chart
The Extreme Trend Explosion Indicator showed green histogram bars, indicating a bullish trend.
A green buy signal appeared at the lower green channel line from the Winning Forex Signals Indicator.
The trade was opened at 1.1050 with a stop loss at 1.1045 and a take profit at 1.1057.
Price moved up quickly, hitting the take profit in 4 minutes.
Case Study 2: GBP/USD M1 Chart
The Extreme Trend Explosion Indicator showed red histogram bars, indicating a bearish trend.
A red sell signal appeared at the upper red channel line from the Winning Forex Signals Indicator.
The trade was opened at 1.2950 with a stop loss at 1.2955 and a take profit at 1.2960.
Price dropped, reaching the take profit target in 6 minutes.
Strategy Tips
- Use 1-minute charts for rapid scalping opportunities.
- Trade during active sessions like London and New York for better volatility.
- Wait for both indicators to confirm the trade before entering.
