The Octopus Forex trend indicator for MT4 draws an histogram below the main trading window.
Green bars suggest to look for buy signals. On the contrary, red bar suggest to look for sell signals.
This trend indicator can be used for FX scalping but use it in conjunction with other trading indicators (slow stochastic, rsi, cci,…).
For best trading results, use it on the higher time frames (H1, H4 and D1).
Buy signal: Wait for the first green bar. Open buy position at the open of the next bar.
Sell signal: Wait for the first red bar. Open sell position at the open of the next bar.
Tip: Here’s a swing trading strategy designed with the Octopus indicator.
Currency pairs: any
Preferred Time frames: H1, H4, D1, W1.
Configurable Indicator Options
How to install the Octopus custom indicator in Metatrader 4?
- Download the octopus_2.ex4 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.