Fx Multi Meter Indicator for MT4
The Fx Multi Meter Indicator for MT4 is a powerful combination of several indicators on several different time frames, merging their different variations of market analysis and organizing them in such a way that they are easily understood by the trader at a glance. This indicator aims at giving the trader a clearer view of the broad market trend by combining the strengths of the several indicators it combines.
I call this indicator my All-In-One Indicator since it can give make a singular decision on the direction of the market trend based on the analysis done by the several other indicators it combines on all the chart time frames. This removes ambiguity on the part of the trader who doesn't have to then analyse each of the indicators one after the other, time frame after time frame.
It also removes the headaches of trying to merge what all of these indicators on all of the different time frames are saying regarding the market trend at any point in time.
Advantages of using the Fx Multi Meter Indicator for MT4
The Fx Multi Meter Indicator has a lot of benefits it offers the trader starting with the ability to view at a glance a lot of market information, that would normally have required a lot of charts and a lot of clutter on the different charts, since each chart would need to have a minimum of about 6 different indicators and at least 7 different charts showing the M1, M5, M15.. all the way to the D1 time frames.
The Fx Multi Meter Indicator is displayed at the lower right corner of any chart in Metatrader 4 (MT4), offering instant trading suggestions and signals the instant it is placed on the chart, no matter the time frames in Meta Trader 4 (MT4). It instantly gives the trader a snapshot of the currency's movement across all time frames, thereby providing the trader with a lot of the required trading precision for taking trade entries and exits in Metatrader 4 (MT4) charts.
The Fx Multi Meter helps the trader to identify the general market trend immediately and hence, align their trading to follow the direction of the general market trend to avoid large drawdowns or losses usually resulting from picking trades on the wrong side of the market trend direction.
One of the serious upsides to the Fx Multi Meter Indicator is that it offers traders the ability to completely customize the parameters of its indicators. Thus helps traders easily and immediately incorporate their trading systems with the Fx Multi Meter Indicator and select parameters that suit their trading styles.
Parameters of the Fx Multi Meter Indicator for MT4
The Ma Xover Included with the Fx Multi Meter Indicator consists of the 5 Period Simple Moving Average (SMA) and the 3 Period Linear Weighted Moving Average (LWMA). The Ma Xover helps indicate the market trend whenever the 5 Period Simple Moving Average (SMA) is crossed by the 3 Period Linear Weighted Moving Average (LWMA) across all the time frames from the M1, M5.. to the D1 time frames.
The general direction that the Exponential Moving Averages (EMA) is headed across all the time frames help to determine the direction the general market trend is headed.
The Parabolic SAR in the Fx Multi Meter Indicator gives very precise signals confirming both entry and exit points to the trader, either serving as an entry or exit indicator or as a confirming indicator for an already existing system.
The William’s percentage range indicator graph which is part of the Fx Multi Meter indicator is known for its excellent ability to quickly predict price movements across any pair or time frame it is applied to. The Fx Multi Meter uses this tool as one of the determinants of trend direction.
The William Percentage Range Indicator also has the unique ability to identify overbought and oversold conditions across currencies and commodities in the Metatrader 4 (MT4). It also enables the Fx Multi Meter Indicator to graphically depict the degree to which price has either risen or fallen, and the speed to which it is actually rising or falling.
The MACD also part of the FX Multi Meter Indicator tries to signal current trend direction or trend change using the crossing of its signal line and its zero line.
The FX Multi Meter Indicator also indicates the current Spread for any currency the indicator is placed on. The ability to visualize the current spread at every given time is still largely underestimated by traders as they do not fully understand that it can protect you from placing trades when the market is very turbulent, during major news events when the spread is usually extremely high and during market closing or opening hours.
Overall, the FX Multi Meter analyses each of these mention indicators on all of the timeframes and automatically recommends a course of action for the trader depending on what the market is saying at the time.
Some Possible Trading Ideas Using the FX Multi Meter Indicator
The Fx Multi Meter Indicator can either be used as a standalone indicator or as a part of a much larger system of indicators. The important thing to note is that the Fx Multi Meter Indicator can be used with any forex strategy or system as a perfect complement to the system to either create trade entries and exits or to just confirm trade entries and exits when they show up on those other systems or strategies.
It is generally recommended to traders using the Fx Multi Meter Indicator to always observe and make sure that all the time frames line up before a taking a trade. For instance, a Long Signal would need for at least 3 - 4 of the other time frames above it to also be trending upwards before the trade should be taken. The reverse is the case for shorts.
Also, the trader must always ensure that a trade is only taken when all the signals on the FX Multi Meter Indicator are pointing towards that same direction.That way, the trader can always choose trades that are properly aligned with the current trend direction.