The Eata Trend Signals indicator for Metatrader 4 follows the major currency trend and provides buy and sell signal arrows.
The indicator appears in a separate MT4 chart window in the form of a red and blue colored signal line.
The buy & sell signal arrows are displayed in the main MT4 chart window.
Eata Trend Signals can be categorized as a trend indicator that can be used in multiple ways.
Trade Idea
- Open a buy trade whenever the green signal arrow gets printed on the chart.
- Open a sell trade whenever the red signal arrow gets printed on the chart.
The Eata Trend 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 exotic) and shows promising results if used correctly.
Free Download
Download the “eata.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the Eata Trend Signals MT4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the Eata Trend Signals Forex 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: Trend
Does the indicator repaint? No.
EATA Trend Signals + Alligator MT4 Scalping Strategy
Introduction
This scalping strategy combines the EATA Trend Signals MT4 Indicator with the Alligator MT4 Indicator.
EATA provides early trend or reversal signals, while Alligator confirms trend strength.
This setup is ideal for lower timeframes such as M1, M5, and M15 and works best on major forex pairs with tight spreads like EURUSD, GBPUSD, USDJPY, EURJPY, and GBPJPY.
Why It Works
EATA gives a directional bias before momentum builds.
Alligator shows when the market is trending or ranging.
Combining them filters weak entries and improves accuracy for quick scalping trades.
Buy Entry Rules
- Wait for a buy signal from the EATA Trend Signals indicator.
- Confirm that the Alligator lines are opening upward (green above red above blue) and diverging.
- Enter on the close of the confirmation candle above the Alligator lines.
- Place a stop loss just below the recent swing low or a few pips below the Alligator jaw.
- Take profit after 5–15 pips or when EATA shows an opposite signal.
Sell Entry Rules
- Wait for a sell signal from the EATA Trend Signals indicator.
- Confirm that the Alligator lines are opening downward (green below red below blue) and diverging.
- Enter on the close of the confirmation candle below the Alligator lines.
- Place a stop loss just above the recent swing high or a few pips above the Alligator jaw.
- Take profit after 5–15 pips or when EATA shows an opposite signal.
Advantages
- Dual confirmation improves trade quality.
- Filters out choppy market conditions.
- Clear and repeatable rules for scalpers.
- Works on multiple currency pairs with minimal adjustments.
Drawbacks
- Scalping requires very low spreads and fast execution.
- Alligator reacts slowly to sudden reversals.
- Frequent small losses are possible if stop losses are too tight.
- Requires discipline to exit quickly.
Example Case Study 1 — EURUSD M5
During the London session, EURUSD was trending upward.
EATA gave a buy signal while the Alligator lines opened upward.
Entry on candle close above the Alligator lips. Stop loss placed below the recent low.
Take profit of 10 pips reached within minutes before any reversal occurred.
Example Case Study 2 — GBPJPY M1
GBPJPY was trending downward.
EATA showed a sell signal, and the Alligator lines opened downward.
Entry taken below the Alligator lips line.
Stop loss just above the recent high.
Take profit of 8 pips hit quickly before the market paused.
Strategy Tips
- Focus on major pairs like EURUSD, GBPUSD, USDJPY, EURJPY, and GBPJPY to reduce spread costs.
- Trade during high-volume sessions such as London or New York for stronger moves.
- Avoid trading when Alligator lines are flat or tangled, indicating low volatility.
- Backtest and adjust profit targets and stop losses to match each pair’s volatility.
- Keep risk per trade small because scalping generates many entries.
