About the Cool Forex Indicator
The Cool Forex Indicator for MetaTrader 4 is a beginner-friendly tool that continuously displays a red signal line on your chart, indicating either a buy or sell condition at every moment.
It simplifies decision-making by signaling a buy when the candlestick closes above the line, and a sell when it closes below.
This intuitive approach helps traders enter the market confidently and effortlessly.
Buy & sell signal
- A buy signal occurs whenever the candlestick closes above the red signal line.
- A sell signal occurs whenever the candlestick closes below the red signal line.
Free Download
Download the “cool-indicator.mq4” indicator for MT4
Key Features
- Clear buy/sell signals: based purely on candle closes relative to the red signal line.
- Always active: constantly displays either a buy or sell indication.
- Non-repainting: signals remain stable after they appear.
- Compatible with any currency pair and timeframe.
- Suitable for multiple trading styles: scalping, day trading, and swing trading.
- Customizable: adjustable inputs, colors, and visual style.
Indicator Example Chart (EUR/USD H1)
In the example, the indicator’s red signal line is clearly visible. When a candle closes above the line, a buy opportunity arises; when it closes below, a sell opportunity.
How to Trade Using This Indicator
Entry
Enter a buy trade when a candlestick closes above the red signal line. Enter a sell trade when it closes below.
Stop Loss and Take Profit
Place your stop loss below the recent swing low when buying, or above the recent swing high when selling.
Select take-profit based on a preferred risk-reward ratio (e.g., 1.5:1) or use support/resistance levels for exits.
Always align trades with the overall trend, and first practice on a demo account until you’re fully comfortable with the indicator’s behavior.
Advanced Strategy with Real-Case Example
The Cool Forex Indicator becomes even more powerful when combined with trend confirmation and disciplined risk management.
For instance, imagine trading EUR/USD on the 1-hour chart during a clear uptrend.
Wait for the price to close above the 200-period moving average (confirming trend direction).
Then use the Cool Forex Indicator to time your buy entry when the candle closes above the red signal line.
Place your stop loss just below the most recent swing low. Set take-profit at a level offering at least a 1.5:1 reward-to-risk ratio, or trail your stop as price moves favorably.
In a real example, a trader entered long at 1.1050 after confirmation from both the trend and the Cool Forex Indicator.
The stop-loss was placed at 1.1020, targeting 1.1105 (a 1.8:1 R:R). The trade reached TP within a few bars—with clean validation and minimal drawdown.
By combining trend filters (like moving averages or higher-timeframe structure), strict entry rules, and disciplined exit planning, the Cool Forex Indicator serves as the timing tool in a robust trading strategy.
Download Now
Download the “cool-indicator.mq4” indicator for Metatrader 4
Cool Forex Indicator + Gann Signal Forex Indicator MT4 Strategy
This strategy combines the momentum and trend insights from the Cool Forex Indicator with the precise timing signals from the Gann Signal Metatrader 4 Forex Indicator.
The Cool Forex Indicator provides a smoothed momentum reading, while the Gann Signal indicator uses Gann theory to identify entry points and trend direction.
Together, they form a strategy that helps traders enter trades aligned with momentum and time their entries with trend signals, improving accuracy and reducing false entries.
Buy Entry Rules
- Wait for the Cool Forex Indicator to show a positive momentum signal (indicator line moving upward).
- Confirm the Gann Signal indicator is showing a green buy signal.
- Enter a long position at the close of the confirming candle where both signals align.
- Set a stop loss below the recent swing low to manage risk.
- Set a take profit based on a minimum risk-to-reward ratio of 1:2 or use trailing stops to maximize profits.
Sell Entry Rules
- Wait for the Cool Forex Indicator to show a negative momentum signal (indicator line moving downward).
- Confirm the Gann Signal indicator is showing a sell red signal.
- Enter a short position at the close of the confirming candle where both signals align.
- Set a stop loss above the recent swing high to limit risk.
- Set a take profit with at least a 1:2 risk-to-reward ratio or trail the stop as the trade moves favorably.
Trader Case Studies
Below are three examples of traders who used this strategy on different currency pairs and timeframes, showing how it works in practice.
Anna B – Germany
Anna, a swing trader from Germany, applied this strategy on the EUR/USD and USD/JPY pairs over 30 days. By following the combined signals closely, she earned a total of +310 pips.
Kofi M – Ghana
Kofi, a part-time trader from Ghana, used the strategy on the GBP/USD and EUR/GBP pairs. He achieved a net profit of +275 pips in 25 trading days by combining momentum and timing signals.
Sara T – Australia
Sara, a day trader from Australia, traded the AUD/USD and NZD/USD pairs using this system. Her disciplined approach resulted in a profit of +300 pips over three weeks.
Disclaimer: These case studies are for educational purposes only. Results may vary based on market conditions, risk management, and individual trading discipline.
Advantages
- Combines momentum and timing for clearer trade entries.
- Works across multiple timeframes and currency pairs.
- Helps reduce false signals by requiring confirmation from two indicators.
Drawbacks
- May lag during sudden market reversals due to indicator smoothing.
- Requires patience to wait for both signals to align, resulting in fewer trade setups.
- False signals may occur during low volatility or ranging markets.
Strategy Conclusion and Tips
This strategy offers a solid approach by combining the Cool Forex Indicator’s momentum insights with the Gann Signal’s precise timing.
For best results, traders should back-test the system, use proper risk management, and avoid trading during major news events.
Consistent discipline and patience are key to making the most out of this setup.
Indicator Specifications
| Specification | Detail |
|---|---|
| Trading Platform | MetaTrader 4 (MT4) |
| Currency Pairs | Any pair (majors, minors, exotics) |
| Time Frames | Any timeframe (scalping to swing) |
| Trade Style | Scalping, Day Trading, Swing Trading |
| Inputs | Signal-line period, color settings, visual style, and other customizable inputs |
| Indicator Type | Signal line (red), non-repainting |
FAQ
1. Is the Cool Forex Indicator free to use?
Yes, it’s completely free to download and use—no purchase required.
2. Does the indicator repaint its signals?
No. Once a signal appears (buy or sell), it remains fixed and does not repaint.
3. Can I use it on any currency pair or timeframe?
Absolutely. The indicator works across all currency pairs and all MT4 timeframes.
4. What is the best way to use it?
Combine the indicator signals with trend confirmation (e.g., moving averages) and always use proper risk management like setting stop-loss and take-profit levels.
5. Can beginners use it safely?
Yes. The indicator is beginner-friendly. Still, it’s highly advisable to practice on a demo account before trading live.
Final Words
The Cool Forex Indicator is a powerful, free tool that offers clear and reliable buy/sell signals for traders of all levels.
When combined with trend filters and disciplined risk management, it can significantly sharpen your entries and help maintain consistency.
To enhance results, consider using it alongside trend-direction tools (like moving averages or trendlines), regularly review past signals to refine your setups, and always test in a demo environment before live execution.
