Forex MTN is a momentum-based indicator that is best known for signaling the overbought and oversold condition of the market. Moreover, this indicator also generates buy/sell signals and guides its users through the trade exit point as well. Its simplicity of signal demonstrations offers great assistance for the newbie traders who struggle to define the market trend with the required level of accuracy.
Forex MTN fits best with short-term timeframe charts like M1 to M15 thus, works better for scalping and intraday trading purposes. Furthermore, this indicator can be applied to trade any forex currency pairs or financial assets available at the markets.
Forex MTN Overview
Once you’re done with the installation of this indicator at your forex MT4 terminal, your trading chart will appear like the following image:
MTN Indicator Anatomy
Fx MTN uses a separate indicator window to signal the possible momentum status of the market. Its value reaches above 12 means the market is in an overbought condition.
A red dot appears in such conditions signals the sell entry at the market. On the other hand, its value reaches below -12 means the oversold condition of the market. A blue dot appears in such an oversold condition represents an ideal time to go for the long entry.
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Forex MTN: Buy Parameters
- Fx MTN value reaches below -12
- Fx MTN plots blue dot at the oversold condition of the market
- But triggers when the above conditions are met
- Set stop loss below the current swing low of the market
- Exit long/take profit whenever the indicator value reaches above 12 with a red dot at the top
Forex MTN: Sell Parameters
- Fx MTN value reaches above 12
- The indicator plots red dot at the overbought condition of the market
- Sell triggers when the above conditions are met
- Set stop loss above the current swing high of the market
- Exit short/take profit whenever the indicator value reaches below -12 with a blue dot at the bottom.