Forex Envelope Sniper MT4 Indicator

Forex Envelope Sniper MT4 Indicator:

About the Forex Envelope Sniper MT4 Indicator

The algorithm used in this indicator takes input from the Envelopes indicator.

Displayed in a separate indicator window to help you identify where the price is heading.

Can be used on all time frames and pairs.

Features alert function.

Parameters:

MAPeriodOnCrossForArrows

MAPeriodOnCrossForTrendLine

Alerts

EnvelopePeriod

Deviation

How to use:

Simply attach to any chart with default settings.

Recommended for H1 and above.

Buy on Blue Arrow, with aqua envelope and blue MA line starting out. See screen shot.

Sell on Red Arrow, with yellow envelope and red MA line starting out. See screen shot.

Enter trades from the extreme upper (sell) or lower (buy) of the indicator window for best results.

Make sure to check the higher time frames before entering trades.

You can set the Arrow position separately for different crossings of the moving average above/below price. (20 recommended)

You can also set the MA trend line separately for different crossings of the moving average above/below price. Crossing of this line offers the best area to enter trades. (20 recommended)

Use as you see fit for your strategy.

Best results on Major Pairs, but can also be used on other pairs.

Important to note:

  • Please do not use this indicator haphazardly. Make sure it compliments your strategy.
  • Don’t risk money you cannot afford to lose.
  • You use this indicator at your own risk. Please apply money management wisely.
  • Always test your strategy on a demo account before using a new indicator on a live account.

Test results:

Forex Envelope Sniper MT4 Indicator

Copy and paste the file into the MQL4 Indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

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

Other forex trading Expert Advisors

Leave a Comment