The Momentum MT4 forex indicator is often used in forex strategies and systems.
It basically measures and displays the amount of price change over a given time span.
Momentum can be used as a trend-following indicator or as a leading indicator.
This indicator can be used for scalping, day trading, swing trading and position trading on any currency pair.
Free Download
Download the “Momentum.mq4” MT4 indicator
Example Chart
The CAD/JPY H1 chart below shows the Momentum forex indicator in action.
Basic Trading Signals
Momentum trading signals are simple to interpret and goes a follows:
Buy Trade: Go long when the indicator makes a bottom and turns back up.
Sell Trade: Go short when the indicator makes a top and turns back down.
Tip: Add a longer-term moving average to the trading chart and trade in the overall direction of the trend indicated by the longer-term moving average.
Trend up? Only trade Momentum buy trade signals
Trend down? Only trade Momentum sell trade signals
Download
Download the “Momentum.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Momentum Period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Momentum
Installation
Copy and paste the Momentum.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)