The LeMan Forex System indicator for MT4 (Metatrader 4) is a complete Forex trading system with entry, stop loss and take profit target.
The indicator pops up in the main MT4 chart window as green and red colored signal dots + trading channel that acts as stop loss and take profit.
This scalper indicator is beginner-friendly and does not require prior trading experience.
Buy & Sell Trade Example
- A buy trade should be opened as soon as the green colored dot appears on the chart and the channel is sloping up.
- Place a stop loss just below the green channel line and take profit at the red channel line.
- A sell trade should be opened as soon as the red colored dot appears on the chart and the channel is sloping down.
- Place a stop loss just above the red channel line and take profit at the green channel line.
The LeMan Forex System indicator can be used for both trade entry and exit or as an additional trend filter for other strategies and systems.
For scalping purposes, the indicator performs the best during the London and New York trading sessions on the lower spread currency pairs.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “LeManSystem.mq4” indicator for MT4
Indicator Chart (EUR/USD Daily)
The example chart below displays the LeMan Forex System 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 LeMan Forex System 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: System
Does the indicator repaint? No.
