The Gimmebar indicator for Metatrader 4 (MT4) is an oscillator that provides buy and sell signals that can be used for precise trade entry and exit.
The indicator works very well for scalping and day trading the currency market.
The indicator pops up in a separate MT4 chart window as a red signal line that oscillates above and below the 0.00 neutral level.
Buy & Sell Trade Example
- A buy signal occurs whenever the red signal line crosses the 0.00 midpoint bottom-up.
- A sell signal occurs whenever the red signal line crosses the 0.00 midpoint top-down.
- Reverse the position as soon as an opposite trading signal appears on the chart.
The Gimmebar indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “gimmebar-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The example chart below displays the Gimmebar mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Gimmebar 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: Buy/sell oscillator
Does the indicator repaint? No.
GimmeBar + Ichimoku MT4 Intraday Trading Strategy
This intraday strategy combines the GimmeBar Forex Indicator MT4 and the Ichimoku Forex Indicator MT4 to capture market trends.
GimmeBar provides clear buy and sell signals based on its red signal line relative to zero, while Ichimoku confirms the trend using colored clouds.
Orange clouds indicate a bullish trend, and blue clouds indicate a bearish trend.
This setup works well on M5, M15, and M30 charts for intraday trading.
Buy Entry Rules
- Check the GimmeBar indicator: the red signal line must be above zero, indicating a buy signal.
- Confirm the trend with the Ichimoku indicator: the cloud must be orange, signaling a bullish trend.
- Enter a buy trade at the close of the confirming candle.
- Place a stop loss below the recent swing low or the bottom of the Ichimoku cloud.
- Set take profit near the next resistance level or aim for a 1:1.5 risk/reward ratio.
Sell Entry Rules
- Check the GimmeBar indicator: the red signal line must be below zero, indicating a sell signal.
- Confirm the trend with the Ichimoku indicator: the cloud must be blue, signaling a bearish trend.
- Enter a sell trade at the close of the confirming candle.
- Place a stop loss above the recent swing high or the top of the Ichimoku cloud.
- Set take profit near the next support level or aim for a 1:1.5 risk/reward ratio.
Advantages
- Combines clear entry signals with trend confirmation for reliable trades.
- Works on multiple intraday timeframes.
- Helps reduce false signals in choppy markets by requiring both indicators to align.
- Suitable for major currency pairs with tight spreads.
Drawbacks
- The strategy can give late entries if the trend starts rapidly, causing smaller profits.
- False signals may occur during very volatile news spikes, even if both indicators align.
- Small intraday timeframes increase the chance of whipsaws and quick stop-outs.
- Requires constant monitoring to capture quick intraday moves, which can be stressful.
Case Study 1: EUR/USD M15 Chart
On September 5, the GimmeBar red line moved above zero, giving a buy signal.
The Ichimoku cloud turned orange at the same time.
A buy trade was entered at 1.1005, stop loss at 1.0995, and take profit at 1.1025.
The trade closed successfully within 30 minutes, netting 20 pips.
Case Study 2: GBP/USD M5 Chart
On June 7, the GimmeBar red line dropped below zero, indicating a sell signal.
The Ichimoku cloud turned blue, confirming the bearish trend.
A sell trade was entered at 1.3050, stop loss at 1.3065, and take profit at 1.3025.
The trade reached the take profit within 25 minutes, gaining 25 pips.
Strategy Tips
- Always wait for the candle to close before entering a trade to confirm the signal.
- Use major currency pairs like EUR/USD, GBP/USD, and USD/JPY for better liquidity.
- Keep lot sizes small for intraday scalps and manage risk carefully.
- Consider combining with support and resistance levels to enhance entries and exits.
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Download the “gimmebar-indicator.mq4” indicator for Metatrader 4
