The Bull/Bear Forex Signal indicator for mt4 (Metatrader 4) is a popular buy & sell signals tool that follows the major currency trend.
The indicator appears in a sub-MT4 window as blue and magenta colored histogram bars.
The indicator can be used in various ways. I will present you with a simple example below:
Buy & Sell Trade Example
- Open a buy trade as soon as the first blue histogram bar appears on the chart.
- Open a sell trade as soon as the first magenta histogram bar appears on the chart.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “SEFC084.ex4” indicator for MT4
Indicator Chart (EUR/USD H1)
The picture below shows the Bull/Bear Forex Signal mt4 indicator in action on the trading chart.
Trading Tips:
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: Bull/bear
Does the indicator repaint? No.
Bull Bear Forex Signal + Free Forex Scalping MT4 Strategy
This MT4 scalping strategy uses the Bull Bear Forex Signal Indicator and the Free Forex Scalping Indicator.
It’s designed for short‑term trades on major currency pairs like EUR/USD, GBP/USD, USD/JPY, and AUD/USD, focusing on clear momentum and small targets.
The Bull Bear Forex Signal Indicator displays a histogram: blue bars indicate a buy trend, magenta bars indicate a sell trend.
The Free Forex Scalping Indicator shows a histogram where green bars signal a buy and red bars signal a sell.
By combining the two indicators, you wait for trend confirmation (blue or magenta) and a timely signal (green or red) before entering a trade.
Buy Entry Rules
- Ensure the Bull Bear histogram is showing blue bars (buy trend).
- Then wait for the Free Forex Scalping histogram to turn green (buy signal).
- Enter a buy position at the close of the confirming candle.
- Set the stop loss a few pips below the recent swing low or just under the entry candle.
- Set take profit at around 10‑20 pips, or exit when the Free Forex Scalping histogram switches red.
Sell Entry Rules
- Ensure the Bull Bear histogram is showing magenta bars (sell trend).
- Then wait for the Free Forex Scalping histogram to turn red (sell signal).
- Enter a sell position at the close of the confirming candle.
- Set the stop loss a few pips above the recent swing high or the entry candle.
- Set take profit at around 10‑20 pips, or exit when the Free Forex Scalping histogram turns green.
Advantages
- Simple to read: two histograms give trend and signal confirmation.
- Scalping‑friendly: small targets, fast trades suitable for high‑liquidity pairs.
- Works across several major currency pairs, providing flexibility.
- Reduces the chance of trading against the trend by requiring trend confirmation first.
Drawbacks
- In sideways or low‑volatility markets, the signals may be weak or delayed.
- Small profit targets mean each trade must be well managed with tight risk control.
- The histogram signals can lag slightly in fast reversals or very volatile sessions.
Example Case Study 1: EUR/USD M5 Chart
On EUR/USD during the London session, the Bull Bear histogram turned blue, signaling a buy trend.
Shortly thereafter, the Free Forex Scalping histogram turned green.
A buy trade was entered at 1.0905 with a stop loss at 1.0895 and a take profit at 1.0920 (15 pips).
The trade reached the target in 20 minutes, showing how the combo of trend + signal works for a fast scalp.
Example Case Study 2: AUD/USD M1 Chart
On the AUD/USD pair in a 1‑minute chart, the Bull Bear histogram showed magenta bars (sell trend), and the Free Forex Scalping histogram then turned red (sell signal).
A sell was placed at 0.6730, stop loss at 0.6740, take profit at 0.6715 (15 pips).
Within 12 minutes, the move was completed, demonstrating the strategy’s speed across another pair.
Strategy Tips
- Trade only major pairs like EUR/USD, GBP/USD, AUD/USD, and USD/JPY for tighter spreads and better execution.
- Use M1, M5, or M15 timeframes for scalping—shorter frames suit the small‑target nature.
- Avoid trading when either histogram is flat or mixed; wait for a clear color change and alignment.
- Use a small risk per trade (e.g., 0.5‑1% of the account) because scalps are frequent and must avoid big drawdowns.
- Stay away from trading right before major news if you’re not experienced—volatility may break the rules.
This MT4 strategy offers a clear and fast approach to scalping across currency pairs by aligning the trend indication from the Bull Bear Forex Signal with the entry signal from the Free Forex Scalping Indicator.
