The 49/89 colored EMA indicator for MT4 is a complete Forex trading system composed of two colored exponential moving averages.
The main advantage of this indicator is that the EMA colors will change every time the trend reverses in the opposite direction.
So, it’s an easy to follow indicator, even for absolute beginners.
In a nutshell: green colored EMA lines suggest that the trend is bullish (buy) while red colored EMA lines suggest that the trend is bearish (sell).
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- EMA trend system
- EMA periods can be changed
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a simple buy/sell trend reversal entry confirmation tool.
Free Download
Download the “49 89 Colored EMA Indicator System.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD 5-minute chart below shows the 49/89 Colored EMA system indicator in action.
Basic Trading Signals
Signals from the 49/89 colored EMA indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- Open a buy trade when the two green EMA lines appear on the trading chart.
- Place stop loss below the most recent swing low point.
- Exit the buy trade for a fixed profit target of your preference, or wait for a sell signal.
SELL:
- Open a sell trade as soon as the two red EMA lines appear on the trading chart.
- Place stop loss above the most recent swing high point.
- Exit the sell trade for a fixed profit target of your preference, or wait for a buy signal.
Download This Forex Indicator
Download the “49 89 Colored EMA Indicator System.ex4” MT4 indicator
Adjustable Parameters & Settings
EMA period, fonts, colors
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: works on any time frame
Indicator Type: Trend system
How to install the 49/89 Colored EMA indicator in Metatrader 4?
- Copy and paste the 49 89 Colored EMA Indicator System.ex4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
- Close and restart the trading platform
- Add the indicator to a chart to get started
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button