VOLCANOWMA is a popular Metatrader 4 buy & sell signals indicator (non-repaint) that can be downloaded for free here.
The indicator analyzes any currency pair with great precision and draws the accompanying buy and sell signal arrow on the main trading chart.
In essence, the indicator will help you in taking informed buy/sell trading decisions.
Buy & Sell Trade Example
- A buy signal is given when the green arrow is painted on the chart.
- A sell signal is given when the red arrow is painted on the chart.
Feel free to experiment with the indicator’s default input values.
The VOLCANOWMA indicator can be used as a standalone signal indicator or together with an existing trading system of your preference.
Free Download
Download the “VOLCANOWMA.mq4” indicator for MT4
Indicator Chart (EUR/JPY M30)
The picture below shows the VOLCANOWMA mt4 indicator attached to the EUR/JPY M30 chart.
Trading Tips:
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 (sound ON), color settings & style
Indicator type: Forex signals
VolcanoWMA + SuperTrend MTF Forex Day Trading Strategy for MT4
The VolcanoWMA and SuperTrend MTF indicators form a powerful and reliable day trading strategy for MT4 traders who prefer fast and accurate trend confirmations.
This system is ideal for traders who focus on M5, M15, and H1 charts, aiming to catch intraday momentum with clear entry and exit levels.
The combination of these two tools helps identify strong reversals while filtering out false moves during volatile market hours.
The VolcanoWMA Forex Signals Indicator for MT4 is designed to detect directional momentum shifts through its weighted moving average logic.
It prints a green arrow when a bullish reversal is detected and a red arrow when a bearish reversal begins.
On the other hand, the SuperTrend MTF Forex Signal Indicator for MT4 confirms the overall trend direction by displaying a green line for bullish conditions and a red line for bearish conditions.
By combining these two, traders gain both precision entries and reliable trend filters.
How the Strategy Works
This MT4 strategy works by synchronizing the entry signal of the VolcanoWMA indicator with the trend filter from the SuperTrend MTF.
The goal is to trade only in the direction of the prevailing trend, confirmed by both indicators.
Using multiple time frames (M5, M15, and H1) enhances accuracy — the higher time frame confirms direction, while the lower one pinpoints entry timing.
Buy Entry Rules
- Confirm that the SuperTrend MTF line is green on both the M15 and H1 charts (bullish trend).
- Wait for the VolcanoWMA indicator to paint a green arrow on the M5 chart.
- Open a buy trade at the close of the candle where the green arrow appears.
- Place the stop loss just below the most recent swing low.
- Set the take profit at 1.5 to 2 times the stop loss distance or exit when the VolcanoWMA prints a red arrow.
Sell Entry Rules
- Confirm that the SuperTrend MTF line is red on both the M15 and H1 charts (bearish trend).
- Wait for the VolcanoWMA indicator to paint a red arrow on the M5 chart.
- Open a sell trade at the close of the candle where the red arrow appears.
- Place the stop loss just above the latest swing high.
- Set the take profit at 1.5 to 2 times the stop loss distance or exit when the VolcanoWMA prints a green arrow.
Advantages
- Combines fast signal generation with strong trend confirmation.
- Minimizes false entries by using multiple time frame filters.
- Clear visual signals make it beginner-friendly.
- Adaptable to various trading styles (scalping, day trading, swing).
Drawbacks
- Signals may appear late during sharp reversals.
- Performance weakens in choppy or sideways markets.
- Requires constant chart monitoring during active sessions.
- Best results depend on correct multi-timeframe synchronization.
Example Case Study 1 – EUR/USD (M5)
During the London session, the SuperTrend MTF on M15 and H1 turned green, confirming a bullish trend.
On the M5 chart, the VolcanoWMA printed a green arrow near 1.0860.
A buy trade was opened at the close of that candle, with a stop loss at 1.0840 and a target of 1.0890.
Within two hours, the price hit the take profit level for a gain of 30 pips, showing how well the trend confirmation worked to avoid early entries.
Example Case Study 2 – GBP/JPY (M15)
On a volatile New York session, the SuperTrend MTF showed a strong red trend on both M15 and H1.
The VolcanoWMA printed a red arrow on M5 near 191.30.
A sell trade was taken, with a stop loss above 191.70 and a target at 190.70.
The price dropped sharply, reaching the profit target in less than an hour, securing 60 pips.
This confirmed the strength of the downtrend and the accuracy of the entry signal.
Strategy Tips
- Always wait for the candle to close before acting on the VolcanoWMA signal.
- Use the M15 and H1 time frames to confirm direction before trading on M5.
- Avoid entering trades when the SuperTrend line is flat or frequently changing colors.
- Combine this system with support and resistance analysis to find optimal entry zones.
- For stronger confirmation, trade only during high-volume market sessions.
This combination of VolcanoWMA and SuperTrend MTF indicators on MT4 provides a simple yet efficient method to trade intraday trends.
It balances early entries with reliable confirmation, making it an excellent setup for traders aiming to capture consistent 20–60 pip moves during active sessions.
