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Saturday, 28 January 2023
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Watch the testing video here:

Forex Profit Boost Indicator

 

Introduction to the Forex Profit Boost Indicator

The Forex Profit Boost indicator is a trend-following tool, that can be also used as a reversal indicator.

With the help of that gauge, you will easily know when the new trend is starting and when the current one is ending.

The best results with the indicator you will get during strong trending market conditions, therefore it may be noisy during the sideways market.

The indicator is displayed directly on the main trading chart and the signals are presented in the form of a blue/red bars.

It fits all kinds of timeframes and currency pairs.

The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.

Must-see:
Vulkan Profit Indicator

How does it work? How to apply in trading?

Trading Rules Explanation

Signals provided by the Forex Profit Boost Indicator are really intuitive and easy to understand. Simply follow the suggestions below.

In the beginning, find the obviously trending currency pair.

Buy Entry: Open long trade when the rising blue bar appears and the market is uptrending. Place your stop loss a few pips below the last swing low.

Sell Entry: Open short trade when the rising red bar appears and the market is downtrending. Place your stop loss a few pips below the last swing high.

Exit Trade / Take Profit: Close your open position when the price reaches an important support/resistance level or the opposite signal appears.

As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.

Example of EUR/USD H4 Chart

This screenshot below shows an example of the Forex Profit Boost Indicator in action. In the case below you can notice both types of trades: in the direction of the main trend, and the reversal trade.

 

How to set up the Forex Profit Boost indicator in MT4?

Installation Guide

Download the Forex Profit Boost.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Profit Boost.ex4 or Forex Profit Boost.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.

You can gain access to this folder by clicking the top menu options, which goes as follows:

File > Open Data Folder > MQL4 > Indicators (paste here).

Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.

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