The XPoints indicator for Metatrader 4 is a great Forex scalper that can help traders to enter and exit the market multiple times a day.
The indicator gets displayed in the main chart window as a colored channel with colored buy & sell signal arrows.
XPoints tends to produce the best results during the London and U.S. trading sessions on the lower spread currency pairs.
Nevertheless, this indicator works on all time frames and currency pairs.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
Key Points
- Channel scalper indicator
- Easy to buy & sell
- Works best on low spread currency pairs
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a buy & sell trend confirmation tool.
Free Download
Download the “XPoints.mq4” MT4 indicator
Indicator Example Chart
The USD/JPY 5-minute chart below shows the X Points Forex indicator in action.
Basic Trading Signals
BUY:
- Open a buy trade when the blue arrow gets printed on the chart and the underlying trend is upward.
- Set stop loss below the blue lower channel line.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
SELL:
- Open a sell trade when the red arrow gets printed on the chart and the underlying trend is downward.
- Set stop loss above the red upper channel line.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download This Forex Indicator
Download the “XPoints.mq4” MT4 indicator
Adjustable Parameters & Settings
Period, slope, colors, style
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: any
Indicator Type: Signals
How to install the XPoints Forex indicator in Metatrader 4?
- Copy and paste the XPoints.mq4 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