463# Paint Bar Forex Metatrader Indicator

Pips 4 Idiots Color Indicator

 

Submit by Frank 21/07/2013 (Written by Joe Simpson)

 

Time frame 1H and 4H

Currency pairs:any

 

Metatrader indicator:

Pips 4 Idiots Color Indicator (is a paint bar forex metatrader indicator)

Then open up a 1 Hour or 4 Hour chart of any currency pair that you would like the Pips 4 Idiots Color Indicator to run on. It runs well on 1H or 4H charts.

 

When you see a blue bar, enter/buy the currency pair and when you see the red bar, exit/sell the currency pair. You should probably start off with a smaller lot size, such as .1 or .05. See image below for example:

Paint Bar Forex Metatrader Indicator
Paint Bar Forex Metatrader Indicator

 

Note: Once you have entered a trade, I typically have a max stop loss of between 15-20 pips. In other words, if I’m on the losing side of a trade (hardly ever happens with this indicator) by a margin of 15-20 pips, I usually exit out the trade and take the loss to prevent a greater loss. However, whenever you are on the winning side, exit the trade when you see the red bar.

To have a better chance of winning make sure that the color of the bars on the chart are the same as for 1H to 4 H.


 

Share your opinion, can help everyone to understand the forex strategy.

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