The Pips Hunter Forex indicator for Metatrader 4 is a popular technical tool that delivers precise signals for entering and exiting trades, regardless of the currency pair being traded.
The trading signals appear as simple to follow buy and sell signal arrows on the price chart.
The trade logic works as follows:
- A light-blue colored arrow represents a buying opportunity.
- A light-red colored arrow suggests a selling opportunity.
Key Points
- Popular technical indicator
- No-repaint buy and sell signal arrows
- Works for scalping, day trading, and swing trading
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell entry confirmation tool.
Free Download
Download the “Pips Hunter MT4.ex4” MT4 indicator
Indicator Example Chart
The GBP/USD 1-hour chart below shows the Forex Pips Hunter indicator in action.
Basic Trading Signals
Signals from the Pips Hunter indicator for Metatrader 4 are easy to interpret and work as follows:
BUY:
- A light-blue arrow signals a buy trade.
- Execute a buy market order and add a stop loss below short-term support.
- Exit the buy trade for a fixed take profit target of your preference, or await the light-red colored sell arrow.
SELL:
- A light-red arrow signals a sell trade.
- Execute a sell market order and place a stop loss above short-term resistance.
- Exit the sell trade for a fixed profit target of your preference, or await the light-red colored sell arrow.
Download Now
Download the “Pips Hunter MT4.ex4” MT4 indicator
Advanced Scalping Strategy: K-Lab Forex Scalper + Pips Hunter Indicator
This strategy combines the power of the K-Lab Forex Scalper for sharp entry signals with the Pips Hunter Indicator for momentum confirmation.
When used together, these two tools can significantly improve the accuracy of your scalping trades, especially on fast-moving pairs.
Best Market Conditions
- Timeframes: M1, M5
- Pairs: EUR/USD, GBP/USD, USD/CAD
- Sessions: London and New York (High Liquidity)
Strategy Tools
- Primary Entry Tool: K-Lab Forex Scalper Indicator
- Confirmation Tool: Pips Hunter Indicator
Buy Entry Rules
- Wait for a blue (buy) signal from the K-Lab Forex Scalper Indicator.
- Check that the Pips Hunter Indicator confirms upward momentum (green histogram or bullish bar).
- Enter a buy trade immediately after confirmation.
- Set Stop Loss 5-10 pips below the recent swing low.
- Take Profit at +10 to +15 pips or use a trailing stop once in profit.
Sell Entry Rules
- Wait for a red (sell) signal from the K-Lab Forex Scalper Indicator.
- Check that the Pips Hunter Indicator confirms downward momentum (red histogram or bearish bar).
- Enter a sell trade immediately after confirmation.
- Set Stop Loss 5-10 pips above the recent swing high.
- Take Profit at +10 to +15 pips or trail stop as price moves in favor.
Risk Management
- Risk only 1-2% per trade.
- Avoid entering trades during low volatility periods or major news events.
- Always wait for both indicators to align before entering a position.
Strategy Conclusion
The combination of K-Lab Forex Scalper and Pips Hunter Indicator gives traders a dual-layer confirmation system that can significantly reduce false entries.
This method is ideal for disciplined scalpers who want to make consistent profits in fast-moving markets.
Adjustable Parameters & Settings
Min range, max range, high-low filter, history bars, display profits, display alerts, email alerts, sound alerts, push alerts, colors, and more.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
Technical Specifications
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: trading signals
How to install the Pips Hunter indicator in Metatrader 4?
- Copy and paste the Pips Hunter MT4.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right-click on the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button
