A Free Indicator for Metatrader Mt4

tr2w

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This indicator is based on a combination of standard indicators and it is very easy to use and read. It can detect buy/sell, up/down, entry/exit signals on any timeframe charts and for currency pairs.

Installation:

1. Download RainGull Indicator and save it into your MT4 fold\experts\indicators.
2. Drag "RainGull Spectrum" from MT4 Platform>Navigator>Custom Indicators panel onto any charts. There are no parameters to set.

Usage:

Green bar: Buy/Long
Red bar: Sell/Short
Blue bar: Going up/Ready to buy/Hold long position/Aggressive buy
Yellow bar: Going down/Ready to sell/Hold short position/Aggressive sell
Grey bar: Go take a nap...ZZZ...zzzz...Nothing to do
:cheesy:
 

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Last edited:
This indicator looks like another version of oscillating indicators like RSI, MACD, CCI, etc. packaged slightly differently.
All these types of indicators, that attempt to identify market tops/bottoms, fail when the market is trending and price continues in the one direction - breaking through the glass floor/ceiling.
 
True, but in a quicker timeframe, it can sometimes be possible to use them to determine higher lows in a bull movement.
 
Does anyone have the code in text format for raingull. My computer does not recognise the file extension
 
TR2W,

I can't load your "raingull spectrum mq4" into the chart window. I think we need the metaquote's language souce code. The file that you provide seems to be an executable file. I like what I see on the raingull spectrum indicator. Please provide further details or the mt4 source code for the raingull.

Thank you,

ywinter:cheesy:

This indicator is based on a combination of standard indicators and it is very easy to use and read. It can detect buy/sell, up/down, entry/exit signals on any timeframe charts and for currency pairs.

Installation:

1. Download RainGull Indicator and save it into your MT4 fold\experts\indicators.
2. Drag "RainGull Spectrum" from MT4 Platform>Navigator>Custom Indicators panel onto any charts. There are no parameters to set.

Usage:

Green bar: Buy/Long
Red bar: Sell/Short
Blue bar: Going up/Ready to buy/Hold long position/Aggressive buy
Yellow bar: Going down/Ready to sell/Hold short position/Aggressive sell
Grey bar: Go take a nap...ZZZ...zzzz...Nothing to do
:cheesy:
 
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