The forecaster forex indicator is a trend swing indicator. This indicator is best suited for long-term traders or intraday traders. It is suitable for all the currency pairs and in all the chart timeframes.
This forex indicator is a highly efficient indicator that doesn’t redraw or repaint. It is one of the few indicators you will come across that will give you 100% profits only if used accordingly. It is also the best choice for Forex beginners. They will only have to read this article to understand all required of them when trading.
The forecast forex indicator is displayed on a separate chart window below the main mt4 trading chart. Its chart is divided into two other sections by a zero line. Then there are black color and pink bars that oscillate on this zero line. Unlike the other swing indicators, this indicator doesn’t have any color change. The pink color and the black bars can appear on either side of the zero line.
The side of the zero line indicates the trend of the market prices that the bars are formed. If the bars are formed on the chart’s lower side, then the trend in the market is a downtrend. If the chart bars are formed on the upper side of the zero line, then the chart trend is an uptrend. The black and pink color bars have varying lengths depending on the strength of the market trend in the market at the moment.
Fig.1. The Forex Forecaster indicator.
The black bars show a longer-term trend as compared to the pink bars. That is why you will notice that the pink bars swing (appear on both sides) more often than the black color bars. This means if the black color bar is below the zero line and the pink color bars are formed over the zero line, there is an up retracement of the market prices from the overall downward trend that is being indicated by the black bars. Therefore, with this indicator, the trader can differentiate when trading alongside the primary trend or a retracement. This will determine even how much the forex trader is to expect from each trade.
Using the Forecaster forex indicator to place and close orders
When using the Forecaster forex indicator, the trader should mainly eye the pink bars, especially if they are intraday traders. But they can depend on the black bars for the long-term traders.
An intraday trader should place a buy when a pink bar appears above the zero level and put a sell order when a pink bar appears below the zero level. Intraday forex traders should close their trades when an opposite entry signal is given (when the pink color bar is formed either below or above the zero line, depending on the running trade).
Fig.2. Using the Forecaster forex indicator in intraday trading.
On the other hand, a long-term trader should place a buy when a black bar appears over the zero line and a sell when a black bar appears below the zero level. Long-term traders should close their orders when an opposite signal is given.
Fig.3. Using the Forex Forecaster indicator in long-term trading.
Read More: Trend Champion Forex Indicator Free Download
Forecaster Forex Indicator Free Download
