Description
MT4 Momentum Indicator v4.1.1 – Overview
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Type: Non-repainting custom indicator
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Basis: Detects price level breaks, not just momentum or MA crossovers
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Signals:
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Turquoise Up Arrow – Indicates a bullish price break
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Red Down Arrow – Indicates a bearish price break
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How it works:
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The arrows are alerts, not direct buy/sell signals.
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They tell you a price action setup has occurred – a potential move is developing.
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Traders must wait for confirmation before entering trades.
Key Features:
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Does not repaint
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Based on real breakouts
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Works best when combined with your existing strategy
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Occasional glitches may occur – just reload the indicator or reboot MT4 weekly
This indicator is meant to prepare you, not trade for you. Use it as part of a larger decision-making process.
On the EURUSD chart above notice again how individual signals or pulses which stand alone ferquently come to nothing, there is no follow through, this is why we will look to trade multiple signals this will give us a lot of confidence to enter the market.
As with many of the other currency pair charts there are several runs of multiple signals which how ever you trade them will be profitable over the long run.
The EURUSD is a good trending market and traders could trade for 10 pip range bars upwards to a maximum of 25 in this market.
In this GBPUSD 20 pip range bar chart shown above, that during the period 20th June until 1st August there are a total of 8 ‘range bar swings’ where we clearly see the possibility if we know how to get involved with a trade using some of the signals which have been drawn on the chart.
