Forex Trend Filter AO is a free mt4 (Metatrader 4) indicator that can help to find precise trade entry and exits in both trending and sideways markets.
The indicator pops up in a separate MT4 chart window as a colored green & red bar histogram.
For scalping, the indicator tends to work the best during the London and U.S. trading sessions.
Buy & Sell Trade Example
- A buy signal occurs as soon as the histogram bar crosses the 0.00 level bottom-up.
- A sell signal occurs as soon as the histogram bar crosses the 0.00 level top-down.
The Forex Trend Filter AO 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 “Filter_AO.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Forex Trend Filter AO 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 Forex Trend Filter AO 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: Oscillator
Does the indicator repaint? No.
