About the FX Multi Meter II Indicator
The FX Multi Meter II indicator for MetaTrader 4 is an advanced market analysis tool designed to help traders read trend direction and momentum at a glance.
It is an enhanced version of the original FX Multi Meter and expands the analysis by combining multiple technical indicators into one compact dashboard.
The indicator evaluates PSAR, MACD, moving average trend, stochastic oscillator, and overall trend conditions.
Each component is displayed as a colored status inside the dashboard, allowing traders to quickly judge whether market conditions favor buying or selling.
FX Multi Meter II works on all currency pairs and time frames.
It is especially useful for traders who want confirmation from several indicators before entering a trade.
The dashboard appearance can be adjusted through the input settings, making it suitable for both short-term and higher time frame trading styles.
Free Download
Download the “FX_Multi-Meter_II.mq4” indicator for MT4
Key Features
- Multi-indicator dashboard combining PSAR, MACD, stochastic, and moving averages
- Buy and sell trend detection based on combined technical conditions
- Works on all MT4 currency pairs and time frames
- Customizable dashboard appearance through input settings
- Helps reduce emotional trading by confirming trend bias
Indicator Chart
The FX Multi Meter II indicator chart shows a technical analysis dashboard displayed directly on the MT4 chart.
The dashboard reflects buy or sell bias using color changes based on trend direction and momentum signals.
When most dashboard elements align in the same direction, traders can quickly identify potential trading opportunities that match the prevailing market trend.
Buy Rules
- Confirm that most dashboard indicators turn green
- Ensure PSAR and moving average trend support bullish price action
- Enter a buy trade at the close of the signal candle
- Best results appear when a higher time frame bias is also bullish
Sell Rules
- Confirm that most dashboard indicators turn red
- Check that MACD and stochastic agree with bearish momentum
- Enter a sell trade at the close of the signal candle
- Avoid selling directly into major support zones
Stop Loss
- Place the stop loss below the most recent swing low for buy trades
- Place the stop loss above the most recent swing high for sell trades
- Adjust the stop size based on the active time frame
Take Profit
- Target the next support or resistance level
- Use a fixed risk-to-reward ratio such as 1:2 or higher
- Partial profits can be secured when dashboard signals begin to weaken
Practical Trading Tips
- Wait for at least four dashboard signals to align.
- Avoid trades when colors are mixed.
- Check the higher time frame first.
- Trade only in the direction of the higher time frame bias.
- Use the dashboard for confirmation, not blind entries.
- PSAR and the moving average should agree first.
- Wait for pullbacks when the stochastic is stretched.
Day Trading Strategy: FX Multi Meter II + Gann Trend Oscillator MTF (MT4)
This day trading strategy combines the FX Multi Meter II Indicator and the Gann Trend Oscillator MTF to identify strong intraday trends.
The FX Multi Meter II evaluates PSAR, MACD, Trend, Stochastic Oscillator, and Moving Average Trend.
When all indicators turn green, the market is considered bullish; when all turn red, bearish.
The Gann Trend Oscillator MTF provides histogram confirmation: blue bars indicate buy signals, violet bars indicate sell signals.
This strategy works best on 15-minute to 1-hour charts during active trading sessions.
Buy Entry Rules
- Wait for all indicators on the FX Multi Meter II to turn green (PSAR, MACD, Trend, Stochastic, Moving Average).
- Confirm bullish momentum with blue histogram bars on the Gann Trend Oscillator MTF.
- Enter a buy trade at the close of the confirming candle.
- Set the stop loss below the most recent swing low or a nearby support level.
- Set take profit at a 1:2 reward-to-risk ratio or exit if indicators turn red or histogram bars turn violet.
Sell Entry Rules
- Wait for all indicators on the FX Multi Meter II to turn red (PSAR, MACD, Trend, Stochastic, Moving Average).
- Confirm bearish momentum with violet histogram bars on the Gann Trend Oscillator MTF.
- Enter a sell trade at the close of the confirming candle.
- Set the stop loss above the most recent swing high or a nearby resistance level.
- Set take profit at a 1:2 reward-to-risk ratio or exit if indicators turn green or histogram bars turn blue.
Advantages
- Strong multi-indicator confirmation reduces false signals.
- Combining the FX Multi Meter II and the Gann Trend Oscillator improves trend accuracy.
- Clear rules help traders maintain discipline and consistency.
- Non-repainting indicators ensure past signals remain valid.
- Applicable across multiple currency pairs and intraday timeframes.
Drawbacks
- The complexity of monitoring multiple indicators may overwhelm beginner traders.
- In choppy or range-bound markets, the strategy can generate several small losing trades.
- Excessive focus on confirmation may result in entering trades late, reducing potential gains.
- Some currency pairs with irregular volatility, like NZD/CHF or CAD/JPY, may produce inconsistent results.
- High spread or slippage pairs can reduce profitability for short-term intraday trades.
Case Study 1
On the USD/CAD 30-minute chart, all indicators on the FX Multi Meter II turned green, and the Gann Trend Oscillator MTF displayed blue histogram bars.
A buy trade was entered at 1.3625, with a stop loss at 1.3605 and a take profit at 1.3670.
The trade reached take profit within 2.5 hours, yielding a 45-pip gain.
Case Study 2
On the EUR/JPY 1-hour chart, all indicators on the FX Multi Meter II turned red, and the Gann Trend Oscillator MTF displayed violet histogram bars.
A sell trade was entered at 144.50, with a stop loss at 144.85 and a take profit at 143.70.
The trade reached the take profit target within 4 hours, capturing 80 pips.
Strategy Tips
- Focus on pairs with stable intraday trends, such as USD/JPY, EUR/GBP, GBP/AUD, and AUD/CAD.
- Use the strategy primarily during the London and New York sessions for optimal liquidity.
- Set alerts on your MT4 chart to signal when all indicators align, reducing the chance of missing trades.
- Adjust stop loss and take profit dynamically according to the pair’s volatility.
- Use trailing stops to secure profits if the trend continues strongly after entry.
- Limit daily trades to 3–5 high-probability setups to maintain focus and reduce fatigue.
- Check higher timeframes to confirm trend direction before taking intraday trades.
Download Now
Download the “FX_Multi-Meter_II.mq4” indicator for Metatrader 4
FAQ
What makes FX Multi Meter II different from the original version?
FX Multi Meter II expands the original concept by adding more detailed trend and momentum readings.
It combines additional indicators and offers more flexibility through adjustable dashboard settings.
Which time frames work best with FX Multi Meter II?
The indicator performs well on all time frames, but many traders prefer M15, M30, and H1 for balanced signal frequency and reliability.
Can FX Multi Meter II be used alone?
Yes, it can be traded as a standalone confirmation tool, but it performs even better when combined with a price-based indicator or support and resistance analysis.
Summary
The FX Multi Meter II indicator for MT4 is a powerful decision-support tool that simplifies complex market analysis into an easy-to-read dashboard.
Combining multiple technical indicators helps traders stay aligned with the dominant trend and avoid low-probability setups.
The indicator combines with trend-following or breakout indicators used in the strategy section, making it a solid addition to any MT4 trading setup.
