The Anchored Momentum Forex indicator for MT4 is a short-term trend indicator that works well for scalping the markets.
Overall the results from this indicator for scalping purposes looks quite impressive.
Its 0.00 neutral level defines trend bias. The blue signal line above suggests a positive trend bias while below negative.
Key Points:
- A buy signal occurs whenever the blue signal lines crosses the 0.00 level upwards.
- A sell signal occurs whenever the blue signal lines crosses the 0.00 level downwards.
Free Download
Download the “anchored-momentum.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M15)
How to trade with it (example)?
Open a new buy trade whenever the blue Anchored Momentum signal line turns back above the 0.00 level from below.
Open a new sell trade whenever the blue Anchored Momentum signal line turns back below the 0.00 level from above.
Close the trade when an opposite trading signal appears on the chart, or for a fixed profit target of your preference (for example, 20 pips on the M5 chart).
Set a stop loss above or below the most recent swing high or swing low.
Feel free to use your own favorite trading method to open and close trades with the Anchored Momentum Forex indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Momentum period, smooth period, level, color settings & style
Indicator type: momentum
Repaint? Does not repaint the Anchored Momentum blue line
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Download the “anchored-momentum.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the anchored-momentum.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.