The Auto Buy Sell Signal Indicator MT4 has been in the forex space for a while now. Yet, so many traders, both experienced and newbies, still do not understand what it is and how to use it. Thankfully, this article intends to clear that doubt.
But before we go too far, let’s talk a bit about the indicator and its features and see if such indicator will make our best metatrader indicators list.
About The Indicator
The Auto Buy Sell Signal Indicator MT4 is one of the most versatile indicators in the history of the forex market. The operation of the indicator is very similar to that of the Buy Sell Arrow Scalper. At its very core, the indicator indicates the buy and sell arrows on a trading chart. If you take a closer look at the indicator, you will notice that the auto buy sell indicator resembles a trend following indicator.
It doesn’t matter if the trend is bearish or bullish, the auto buy sell indicator would plot a line that is identical to a moving average indicator. It also changes color while in operation.
How To Trade With Auto Buy Sell Signal Indicator
You can use the Auto Buy Sell Signal Indicator to trade the forex market profitably. After installing the indicator onto your trading chart, you should place a buy order when you see a blue arrow. In the same vein, when you spot a red arrow, you should place a sell order. The best time frames to apply this indicator and make the most profit are 1 minute and 5 minutes. You can also use the indicator on large time frames.
Rules For Using The Indicator
Follow these rules strictly to maximize the use of the Auto Buy Sell Signal Indicator:
1. Up arrow means you should place a buy trade.
2. Down arrow means you should place a sell trade.
3. When the arrow appears opposite, quickly exit the market so that you won’t suffer a loss.
How To Install The Indicator
In this section, we will explain how to add the indicator onto your trading chart.
1. Download the indicator from a reputable source
2. Save the file in a separate folder you will easily remember.
3. Start or restart your MT4 trading terminal.
4. Choose a trading chart you wish to install the indicator.
5. Navigate to the Indicator Directory folder
6. Copy-paste the indicator into the Indicator Directory folder
7. Install the indicator
8. Check all the imports boxes and click OK.
9. The Auto Buy Sell Signal Indicator should now appear on your trading terminal.
10. Configure the indicator settings the way you want it.
How To Remove The Auto Buy Sell Signal Indicator
If you are done using the Auto Buy Sell Signal Indicator, and you want to remove it from the trading chart, below is how to do it:
1. Start your trading terminal.
2. Select the appropriate chart where you want to delete the indicator
3. Go to the Indicator Directory folder.
4. Search for the Auto Buy Sell Signal Indicator
5. Click on the indicator and select the uninstall or delete option.
6. The indicator should disappear from the trading chart.
The Auto Buy Sell Signal Indicator MT4 can serve as a tool for extra verification despite its shortcomings. You can apply this indicator to an already established trading system or create your own trading strategies. In this section, we have outlined two trading strategies for this indicator.
Trading Strategy With Divergence
The divergence trading strategy is a nice one. The moment there is a divergence in the middle of an oscillator and the price, a strong retracement would either occur, or there would be a reversal. However, with a reversal, you won’t know exactly when to trade to make the most profit. Sometimes, price tends to advance in the same route despite there being divergence on your trading charts. In this case, your early position can be at risk.
The Auto Buy Sell Signal Indicator MT4 can address this problem when added to the chart. It would trigger a signal and thus form a bullish divergence. In this instance, the indicator is serving as a validation tool in the divergence. BTW if you prefer manual trading you can use forex signals telegram.
Trading Strategy With Support And Resistance
The Auto Buy Sell Signal Indicator can also be used to trade based on resistance and support levels. First, you need to identify the support and resistance levels before it would be effective. After spotting the Support and Resistance levels, the next thing is to include the buy sell indicator to the chart for validation.
Once the above is done, the indicator will signal a bearish move after setting up the initial resistance level. Besides these two trading strategies, you can also employ other techniques to make the most of the indicator.
Conclusion On Auto Buy Sell Signal Indicator MT4
The Auto Buy Sell Signal Indicator MT4 is one of the best technical indicators that every forex trader should take seriously. It has amazing features that can help traders achieve their profit projections within the shortest possible time. Installing and configuring the indicator is quite effortless, as the indicator has the capacity to send alerts through pop up or email.
The trading technique of using this indicator is that you should place a buy order when you spot a blue arrow. Conversely, place a sell order when you spot a red arrow. To make the most of the auto buy sell signal, you should combine it with other available technical indicators. Examples of technical indicators to combine with the auto buy sell signal indicator are the MACD indicator, Gap Indicator, Break out indicator, as well as support and resistance indicators.
More so, on no account should you practice how to use this indicator with a live account. If you use this indicator to trade with a live account, you may lose your hard-earned money. Open a demo account with your broker – it is completely free of charge. Most online brokers offer this service. They allow traders to use a demo account to perfect their trading skills and gain more knowledge of the forex market before switching to a live account when they can make real money.
One unique thing about our best forex indicator website is that we offer different technical indicators for you to consider. Therefore, check through our website and see which indicator would be suitable for you to combine with the auto buy sell signal indicator.