The Market Sentiment indicator for MT4 tracks sentiment for any currency pair and provides trading signals based on the available market data.
The indicator appears in the lower left corner of the screen (can be changed) and provides the buy, sell or neutral trading signal.
It displays the bulls ratio versus the bears ratio and based on that info, it issues a buy, sell or neutral recommendation.
In addition, the indicator also displays the current date and time.
How to interpret?
- Buy when the market sentiment indicator displays “Long”.
- Sell when the market sentiment indicator displays “Short”
- Stand aside when the market sentiment indicator displays “Neutral”
Key Points
- Tracks market sentiment
- Delivers trading signals
- Easy to use
- Well worth adding to your indicator collection
By default, the indicator updates the market sentiment every hour but the time interval can be changed by editing the input value.
Additionally, you can also update market sentiment manually and as follows:
Free Download
Download the “Market Sentiment Signal Indicator.ex4” MT4 indicator
Indicator Example Chart
The EUR/USD 1-hour chart below shows the Market Sentiment Forex indicator in action.
Basic Trading Signals
Signals from the Market Sentiment indicator for Metatrader 4 are easy to interpret and goes as follows:
BUY:
- A buy signal is given when the Market Sentiment indicator displays “Long”.
- Place stop loss 3 pips below the most recent swing low point.
- Utilize your own favorite take profit method.
SELL:
- A sell signal is given when the Market Sentiment indicator displays “Short”.
- Place stop loss 3 pips above the most recent swing high point.
- Utilize your own favorite take profit method.
Download This Forex Indicator
Download the “Market Sentiment Signal Indicator.ex4” MT4 indicator
Do you want to download the indicator for MT5?
You can download the Market Sentiment Forex Indicator For MT5 here.
Adjustable Parameters & Settings
Show symbol, signal ratio, server time offset, indicator position, interval
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: market sentiment with signals
How to install the Market Sentiment Forex Signal indicator in Metatrader 4?
- Copy and paste the Market Sentiment Signal Indicator.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)
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