The Momentum Detecting indicator for mt4 (Metatrader 4) measures momentum for the underlying currency pair and displays the outcome in the upper left part of the chart.
Currency traders use this indicator to identify oversold and overbought market conditions and trend strength.
The indicator displays the current momentum value (pips), last momentum value (pips) and 2nd last momentum value.
It also detects if momentum is increasing or decreasing overtime.
It’s highly recommended to combine the Momentum indicator with other technical indicators or with price action tools in order to find the best trade entries and exits.
Free Download:
Download the “Momentum detecting.ex4” indicator for MT4
Indicator Example Chart (EUR/USD H1)
The example chart below displays the Momentum Detecting mt4 indicator in action.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Momentum Detecting Forex indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Momentum
Does the indicator repaint? No.
Download Now:
Download the “Momentum detecting.ex4” indicator for Metatrader 4
How to install this indicator on Metatrader 4?
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 Momentum detecting.ex4 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.