Signal Table MT4 Indicator – Easy to use Trend Indicator
The Signal Table MT4 indicator is a sophisticated technical indicator that will generate buy and sell trading signals on multiple time frames. It doesn’t matter if you’re a day trader or a swing trader because the Signal Table MT4 indicator is suitable for all trading styles.
The Signal Table MT4 indicator is composed of three main indicators:
- Parabolic SAR indicator which is a trend following indicator primarily used to detect potential reversals in the trend;
- WPR indicator or “William Percentage Range” or “%R” which is a popular momentum technical indicator used to detect potential overbought and oversold conditions in the market;
- MA indicator or moving average is another popular trend-following indicator used to detect the general direction of the market;
Usually, the Signal Table MT4 indicator will be displayed on the bottom left corner and it will signal the trend direction measured by each of the three indicators individually starting from the 1-minute time frame all the way up to the monthly time frame.
When the indicator displays a Thumbs UP it says the trend on that particular time frame is up and it’s a clear buy signal; when the indicator displays a Thumbs Down it says the trend on that particular time frame is down and it’s a clear sell signal; when the indicator displays a hand it’s saying that there is no clear trend and the market is in a range so you’re better off by not getting involved in the market.
Signal Table MT4 Indicator Settings
The preferred settings for the Signal Table MT4 indicator are the default settings. The first variable refers to the positioning of the table on the chart and if you want the Signal Table to be positioned on the bottom left of the chart let the input unchanged. For a better identification of the buy and sell signals, it’s recommended to use green color for the “signalBuyColor,” red color for the “signalSellColor,” and white for the “noSignalColor” just in the case your background is black.
Signal Table MT4 Indicator Strategy and Trading Rules
For a better trading performance, we’re only going to trade when we have confirmation from two time frames and at the same time all the three indicators that compose the Signal Table MT4 indicator should point in the same direction. If you’re a daytrader it’s better to wait for confirmation from both the 5 and 15-minutes time frame, however, if you’re a swing trader you should wait for confirmation from the 4h and the Daily time frame or even higher time frames, depending on your time horizon. Without further ado, these are the buy/sell rules for the Signal Table MT4 strategy:
- Buy Signal: Buy when the Signal Table MT4 indicator displays a Thumbs up on all three indicators and you need to have confirmation from at least two different time frames. Place your SL above the most recent swing high and take profit at the first level of support.
- Sell Signal: Sell when the Signal Table MT4 indicator displays a Thumbs Down on all three indicators and you need to have confirmation from at least two different time frames. Place your SL below the most recent swing low and take profit at the first level of resistance.
In Figure 3 we have the GBP/USD 1h chart and a short trading opportunity is highlighted once the Signal Table MT4 Indicator is showing a bearish trend, based on all of the three trend-following indicators in at least two-time frames. In Figure 4 we have the USD/CAD 15-minute chart and a long trading opportunity is highlighted once Signal Table MT4 Indicator is showing a bullish trend.
Recommended Time Frames for the Signal Table MT4 Indicator
Technically speaking, you can use this MT4 indicator for all time frames. However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly. We recommend that you use higher time frames like the 4H for better consistency.
Signal Table MT4 Indicator Download
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Leave us a comment below to let us know your thoughts on this indicator. If you like this indicator, you might like see other indicators that we have carefully selected that will help you in your trading journey.
And if you can, you really should invest in a proven MT4 Expert Advisor to help you generate some profit on full autopilot. We highly recommend this powerful MT4 Expert Advisor.
Visit our Free MT4 Indicator Download page. We hope you have enjoyed this post as much as we have creating it. Good luck and thank you for your readership.
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