The Bounce Strength Index V2 indicator for MT4 is a typical buy and sell signals oscillator that works well for scalping and day trading.
The indicator appears in a separate MT4 chart window as a colored oscillator that provides future trend direction.
Buying and selling currency pairs with this indicator is simple and straightforward.
Key Takeaways:
- Blue histogram bars represent an up trending market.
- Red histogram bars represent a down trending market.
- Designed for scalping and day trading.
- Multiple trade opportunities every day.
Free Download:
Download the “bounce-strength-index.mq4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Bounce Strength Index V2 indicator in action on the trading chart.
Trading Signals (example):
Buy signal: Go long as soon as the first blue histogram bar gets printed on the chart.
Sell signal: Go short as soon as the first red histogram bar gets printed on the chart.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Utilize your own favorite stop loss and take profit method.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Oscillator
Repaint? No.
Download Now:
Download the “bounce-strength-index.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 bounce-strength-index.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.