Dynamic Average Foot Bar MT4 Indicator is a Heiken Ashi based trend-following forex trading indicator. It applies Heiken Ashi in a smart way by modifying it for less lagging and making it more comprehensive for the traders. The signals are generated in a pretty simple way so that everybody can manage to read the trend status of the market and act accordingly.
Dynamic Average Foot Bar MT4 Indicator can be applied to trade all kinds of forex currency pairs available in the market. Furthermore, this tool suits well with all sorts of timeframe charts available within the MT4 trading platform.
Dynamic Average Foot Bar MT4 Indicator Overview
Download the MT4 Indicator and install it to your MT4 terminal. Once you’re done, your chart will appear like the following image:
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Dynamic Average Foot Bar MT4 Indicator Explanation
Dynamic Average Foot Bar MT4 Indicator uses a 3-day counting period of moving averages based on Heiken Ashi in order to signal for the market trends. It is a default set up which generates frequent signals and suits best with short-term tradings.
If you’re planning to apply it for day trading purposes, we recommend you to change the counting period to 21-day for greater signal accuracy. Price candles closing above the average line of the indicator and the bars turn green means the trend is bullish. For the bearish trend, the price must close below the average line and the bars must turn into red color.
Dynamic Average: Buy Conditions
- Price candles keep closing above the average trend line of the indicator
- The indicator bars turn into green color
- A buy entry can be triggered when the above conditions are met
- Set stop loss below the average trend line of the indicator
- Exit long/take profit whenever the price candles turn red
Dynamic Average: Sell Conditions
- Price candles keep closing below the average trend line of the indicator
- The indicator bars turn into red color
- A sell entry can be triggered when the above conditions are met
- Set stop loss above the average trend line of the indicator
- Exit short/take profit whenever the price candles turn green
