The XO Signals Metatrader 4 forex indicator is a technical indicator that does not average data array.
Hence the decision to Buy/Sell is executed in one swoop.
The XO Indicator is an offshoot of the point-and-figure indicators which implies that price is not plotted against time as seen on time-based charts.
Instead what it does is to plot price against changes in direction.
This version of the XO indicator outlines lime and red vertical bars within its indicator window as a gauge for bullish and bearish market sentiments in that order.
Free Download
Download the “xo-indicator.ex4” MT4 indicator
Example Chart
The EUR/USD H1 chart below displays the XO Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the lime vertical bars of the XO Signals Metatrader 4 forex indicator stacks up above the zero center line.
Sell Signal: Go short when the red vertical bars of the XO Signals Metatrader 4 forex indicator lines up below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is continuing, the XO Indicator pops up a red vertical bar below the zero signal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the XO Indicator displays a lime vertical bar above the zero center line.
Tips: Interestingly, the XO Indicator has just a single adjustable parameter.
However, it does add a lot of information depth to trading (based on the desired currency pair), thus helping traders improve their profit outlook.
Try it for scalping, day trading and swing trading purposes.
Download
Download the “xo-indicator.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (KirPER), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend
Installation
Copy and paste the xo-indicator.ex4 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)