About the Extreme Hook Bull/Bear Indicator
The Extreme Hook Bull/Bear Indicator for MT4 is a free trading tool that provides an at-a-glance view of bullish and bearish trends across multiple currency pairs.
It displays the trend status in a compact dashboard directly on the main MT4 chart window.
The indicator works on all timeframes, from the 1-minute (M1) chart up to the monthly chart, making it suitable for scalpers, day traders, and swing traders.
By indicating “Bull” for bullish trends and “Bear” for bearish trends, it allows traders to quickly assess market direction for each currency pair and timeframe.
Traders can use the Extreme Hook Bull/Bear Indicator as a standalone tool for entries and exits or as a confirmation filter to support their existing strategies.
Its simplicity and clarity make it ideal for monitoring multiple pairs simultaneously without cluttering the chart.
Free Download
Download the “extreme-hook-indicator.mq4” indicator for MT4
Key Features
- Shows bull or bear trend status for multiple currency pairs
- Works on all timeframes from M1 to monthly
- Displays a clean dashboard on the main MT4 chart
- Provides quick trend insights for scalping, day trading, or swing trading
- Easy to read and suitable for traders of all experience levels
Indicator Chart
The chart below demonstrates the Extreme Hook Bull/Bear Indicator on MT4.
Each currency pair is marked as either “Bull” or “Bear” according to its current trend.
Traders can instantly see which pairs are trending up or down across multiple timeframes, helping them focus on the most favorable trading opportunities.
Guide to Trade with Extreme Hook Bull/Bear Indicator
Buy Rules
- Enter a buy trade when the dashboard shows “Bull” for your chosen currency pair and timeframe
- Confirm the trend with additional indicators or price action analysis
- Prefer entries that align with higher timeframe trends
- Avoid buying when multiple pairs show mixed signals or consolidation
Sell Rules
- Enter a sell trade when the dashboard shows “Bear” for your selected currency pair and timeframe
- Confirm the trend using other tools or support/resistance levels
- Focus on trades that align with the main trend on higher timeframes
- Avoid selling during sideways or low volatility periods
Stop Loss
- Place the stop loss just beyond recent swing highs or lows
- Adjust according to the asset’s volatility and chosen timeframe
Take Profit
- Set the first target near key support or resistance levels
- Consider partial profits if the market shows signs of stalling
- Exit the trade if the dashboard trend flips from “Bull” to “Bear” or vice versa
Practical Tips
- Use the indicator alongside trend-following or momentum tools for more reliable signals
- Check higher timeframes to confirm overall market direction before entering trades
- Focus on liquid currency pairs to reduce false trend signals
- Monitor active trading sessions for better trend accuracy
Extreme Hook Bull/Bear + Best Forex Scalping Indicator MT4 Strategy
This scalping method uses the Extreme Hook Bull/Bear Indicator MT4 together with the Best Forex Scalping Indicator MT4.
The Extreme Hook indicator gives a dashboard display of Bull and Bear signals, allowing you to quickly see market bias.
The Best Forex Scalping indicator provides shorter-term momentum signals suitable for active entries.
This setup is best on 1-minute and 5-minute charts, on major currency pairs with tight spreads.
It’s meant for scalpers who prefer fast trades, clear bias, and efficient entries.
Buy Entry Rules
- Dashboard bias: the Extreme Hook indicator must show a Bull signal on its dashboard component, indicating bullish bias.
- Scalping indicator confirmation: the Best Forex Scalping indicator displays a blue bullish arrow.
- Entry: enter long at the close of the confirmation bar (or the next bar) once both indicators align.
- Stop loss: place SL a few pips below the recent swing low (or below the bar that triggered).
- On 5m you might allow 8–15 pips; on 1m you might tighten to 4–8 pips depending on volatility.
- Take profit: target 1× to 2× the risk. For example, if SL is 8 pips, aim for 8 to 16 pips.
- Use partial exit at 1R and trail the remainder if momentum continues.
Sell Entry Rules
- Dashboard bias: the Extreme Hook indicator must show a Bear signal on its dashboard.
- Scalping indicator confirmation: the Best Forex Scalping indicator displays a red bearish arrow.
- Entry: enter short at the close of the confirming bar or on the next bar once both indicators align.
- Stop loss: Place SL a few pips above the recent swing high (or above the bar that triggered).
- On 5m, maybe 8–15 pips; on 1m, 4–8 pips depending on volatility.
- Take profit: aim for 1× to 2× the risk.
- Use partial exit and trailing if the price moves strongly in your direction.
Advantages
- Dashboard bias from Extreme Hook lets you filter out countertrend trades quickly.
- The scalping indicator gives precise entry timing to enter quickly in momentum moves.
- Fast trade cycles allow multiple opportunities per hour.
- A simple confluence-based method reduces ambiguity in decision-making.
Drawbacks
- Signals can lag slightly when market conditions change quickly, causing late entries.
- Requires constant screen time to monitor dashboard updates and scalping signals.
- Performance may drop significantly during low-liquidity hours or news spikes.
- Frequent small trades increase transaction costs, especially on brokers with higher commissions.
Case Study 1 — EUR/USD 5m (Buy)
Setup
The Extreme Hook dashboard shows Bull.
The Best Forex Scalping indicator gives a bullish arrow on the 5-minute chart after a small pullback.
Trade
- Entry: 1.1205 at the close of the confirmation bar.
- Stop loss: 1.1195 (10 pips below recent swing low).
- Take profit: 1.1220 (15 pips = 1.5× risk). Partial exit at 1R = 1.1215.
- Outcome: price moved up steadily, hit partial exit, then final TP. Net +15 pips.
Case Study 2 — GBP/JPY 1m (Sell)
Setup
The Extreme Hook dashboard flips to Bear.
The scalping indicator triggers a bearish signal on the 1m chart near a recent resistance level.
Trade
- Entry: 186.75 at the confirmation bar close.
- Stop loss: 186.85 (10 pips above the swing high).
- Take profit: 186.60 (15 pips, 1.5×). Partial exit at 1R (186.65).
- Outcome: the price dropped quickly, a partial exit was reached, then the final target was hit. Net +15 pips.
Strategy Tips
- Only trade when both indicators agree. If the dashboard is Bull but the scalping indicator is trading in the opposite direction, skip.
- Monitor spread. Do not take trades if the spread is wider than your SL in pips.
- Trade during the main sessions (London, New York) when volatility is sufficient but not extreme.
- Adjust SL/TP levels depending on pair volatility. More volatile pairs need looser margins; quieter pairs need tighter ones.
- Use partial exits and move SL to breakeven after 1R to protect your capital.
Download Now
Download the “extreme-hook-indicator.mq4” indicator for Metatrader 4
FAQ
What does the Extreme Hook Bull/Bear Indicator show?
It displays whether each currency pair is currently bullish (“Bull”) or bearish (“Bear”) across multiple timeframes, helping traders quickly identify market direction.
Which timeframe works best?
The indicator works on all timeframes. Lower timeframes are ideal for scalping, while higher timeframes provide more reliable signals for swing trades and longer-term strategies.
Can it be used to confirm other strategies?
Yes. The indicator is excellent for confirming trade setups from your existing strategies or systems.
Use it to filter trades that align with the prevailing trend for higher probability entries.
Is it suitable for beginners?
Yes. Its clear dashboard and simple “Bull” or “Bear” signals make it easy for beginners to follow trends without needing complex analysis.
Summary
The Extreme Hook Bull/Bear Indicator for MT4 is a versatile tool that provides instant trend information for multiple currency pairs.
Its dashboard format makes it easy to identify bullish and bearish trends across all timeframes, from M1 to monthly.
Traders can use it for scalping, day trading, or swing trading, either as a standalone indicator or to confirm signals from other strategies.
By following its trend signals systematically, traders can improve trade timing, reduce mistakes, and increase potential profitability.
