An indicator based on Fractals (Bill Williams). It’s a series of at least 5 successive candlesticks with the highest/lowest candlestick in the middle.
The arrows signal indicator for Metatrader 4 can be used to identify short-term tops and bottoms in trends.
It can also be useful to draw trend lines (see indicator image below).
Up and Down Fractals
No trading signals from this indicator. Use in conjunction with other trading tools.
Configurable Indicator Options
EUR/USD 1 Hour Chart Example
How to install the Arrows Signals custom indicator in Metatrader 4?
- Download the Arrows Signals.mq4 indicator to your computer.
- Open your Metatrader 4 platform.
- Open the data folder from the top menu.
- Open the MQL4 folder.
- Open the indicators folder.
- Paste the indicator file in this folder.
- Restart the trading platform.
- Open any trading chart.
- Attach the indicator to the chart.