About the Strategy Checklist Indicator
The Strategy Checklist indicator for MT4 helps traders manage and confirm their trading setups by allowing them to define custom strategy rules directly in the indicator’s input tab.
This ensures that trades are only taken when all predefined conditions are met.
You can set rules based on moving averages, RSI, price action, or any other indicator you use.
For example, you could check if the 10 EMA is above the 20 EMA, RSI is above a certain level, price is away from support or resistance, or the market is forming higher highs and higher lows.
Once the conditions are met, the indicator visually confirms that the setup is valid, giving traders more confidence before entering trades.
The Strategy Checklist indicator simplifies decision-making, reduces emotional trading, and helps traders stick to their rules consistently.
Free Download
Download the “FXTT_StrategyChecklist.mq4” MT4 indicator
Key Features
- Allows you to define your own trading rules and conditions.
- Confirms trade setups when all conditions are met.
- Works with any indicators you use, including EMAs, RSI, and price patterns.
- Supports all currency pairs and timeframes.
- Helps reduce emotional or impulsive trades by enforcing strategy rules.
Indicator Chart
The Strategy Checklist indicator appears in a small subwindow below the main price area, displaying which rules are currently satisfied for a potential trade.
Each rule can be marked as met or unmet, giving a clear visual summary of whether a setup qualifies according to your personal strategy.
Guide to Trade with Strategy Checklist Indicator
Buy Rules
- Ensure all defined buy conditions are met according to the checklist.
- Confirm trend direction using a longer-term moving average.
- Open a buy trade when the checklist indicates a valid setup.
Sell Rules
- Ensure all defined sell conditions are met according to the checklist.
- Confirm trend direction using a longer-term moving average.
- Open a sell trade when the checklist indicates a valid setup.
Stop Loss
- Place stops according to your own strategy rules or recent swing highs/lows.
- Adjust the stop dynamically if price approaches critical support or resistance.
- Reduce risk by tightening stops if the setup is weak or volatility increases.
- Exit trades early if conditions from the checklist change against the trade.
Take Profit
- Close trades according to your defined strategy rules or predefined price targets.
- Take partial profits at logical support or resistance levels.
- Exit fully if the checklist signals an opposite setup or trend reversal.
- Adjust take profits based on volatility and market conditions.
Strategy Checklist and Urban Towers MT4 Forex Strategy
This MT4 strategy combines structured rule verification with clear trade timing by using the Strategy Checklist Indicator together with the Urban Towers Indicator.
The Strategy Checklist allows traders to define custom rules such as EMA alignment, RSI levels, price away from support or resistance, and higher highs and higher lows, ensuring trades meet specific criteria before execution.
The Urban Towers indicator provides precise entry signals using blue arrows for buys and red arrows for sells.
Combining these tools ensures that entries are aligned with both technical conditions and short term momentum, making it suitable for M15 and H1 charts for swing and intraday trading.
Buy Entry Rules
- Check that all custom strategy rules are satisfied on the Strategy Checklist indicator.
- Look for a blue arrow from the Urban Towers indicator.
- Confirm that EMA conditions, RSI, and price structure are all aligned.
- Enter a buy trade at the close of the candle with the blue arrow.
- Place a stop loss below the recent swing low or key support level.
- Set take profit at the next resistance level or based on risk/reward ratio.
Sell Entry Rules
- Check that all custom strategy rules are satisfied on the Strategy Checklist indicator.
- Look for a red arrow from the Urban Towers indicator.
- Confirm that EMA conditions, RSI, and price structure are all aligned for a bearish setup.
- Enter a sell trade at the close of the candle with the red arrow.
- Place a stop loss above the recent swing high or key resistance level.
- Set take profit at the next support level or based on risk/reward ratio.
Advantages
- Customizable rules allow traders to filter trades precisely according to their strategy.
- Urban Towers arrows give clear timing for entries.
- Helps avoid trades that do not meet predefined technical criteria.
- Applicable to multiple pairs and time frames.
- Supports both intraday and swing trading approaches.
- Reduces emotional and impulsive trading decisions.
Drawbacks
- Requires careful setup of the Strategy Checklist rules for effectiveness.
- Signals may be infrequent if conditions are strict.
- Trade performance can vary based on market volatility.
- Stop loss and take profit need to be managed actively.
- May be less suitable for ultra-short-term scalping on very small time frames.
Example Case Study 1
On AUDUSD H1, the Strategy Checklist confirmed that the 10 EMA was above the 20 EMA, RSI was above 70, and price was making higher highs away from the recent support.
A blue arrow appeared from Urban Towers and a buy trade was entered.
Stop loss was placed below the last swing low.
Price trended upward and reached the next resistance level, gaining a 45 pip profit over several hours.
The checklist ensured the trade met all key criteria before entry.
Example Case Study 2
On NZDJPY M15, the Strategy Checklist indicated EMA alignment and RSI below 30, with price forming lower lows near a clear resistance.
A red arrow appeared on the Urban Towers indicator, confirming a sell opportunity.
The trade was entered at candle close with a stop loss above the recent swing high.
Price moved downward and hit the next support level, yielding a 28 pip profit.
The checklist rules helped filter the setup and increased confidence in the entry.
Strategy Tips
- Define clear and simple rules in the Strategy Checklist to avoid conflicting signals.
- Always wait for the Urban Towers arrow to confirm the checklist conditions before entering.
- Focus on higher liquidity pairs for more reliable execution.
- Use M15 for faster setups and H1 for smoother swing trades.
- Consider partial profit-taking at intermediate levels to reduce risk.
- Review historical setups on each pair to fine-tune checklist parameters.
- Maintain a trading journal to track performance and refine rules over time.
- Keep risk consistent per trade to manage account drawdowns effectively.
- Do not override checklist conditions even if a strong arrow appears; discipline ensures consistent results.
Download Now
Download the “FXTT_StrategyChecklist.mq4” Metatrader 4 indicator
FAQ
Can I use any indicators with the Strategy Checklist?
Yes. You can define rules using any indicators available in MT4, such as moving averages, RSI, MACD, or custom indicators.
How do I know if my setup is valid?
The indicator visually confirms each rule. When all rules for a buy or sell are satisfied, the setup is marked as valid.
Can it prevent impulsive trades?
Yes. By enforcing strategy rules, the indicator helps traders avoid emotional decisions and stick to disciplined trading.
Summary
The Strategy Checklist indicator allows traders to enforce personalized rules, ensuring trades are only taken when all conditions are met.
It provides visual confirmation, reduces errors, and helps maintain discipline.
Using the checklist can improve consistency, increase confidence in trade decisions, and support better risk management.
