Trend-following oscillators are always attractive to trade with because of its simplicity of use and easy chart demonstration. FX Fish Indicator is such a trend-based forex trading oscillator indicator that signals for the market trends and trade entries in a way so that everybody can read and understand its signals and presentations.
FX Fish Indicator allows you to choose any forex currency pair you like to trade within the financial markets. In addition, it can be applied to trade on all sorts of timeframe charts of your MT4 trading platform.
FX Fish Indicator Overview
Download the Indicator and install it on your MT4 terminal. Once you’re done, find your trading chart like the image below:
FX Fish Indicator Explanation
FX Fish Indicator accumulates a 10-day period of price action data and transforms it into trend-oriented trade signals. It uses its histogram bars for demonstrating the indicator value and the trend signals. The bar turns green when the indicator value turns positive signaling a bullish trend of the market.
On the other hand, for bearish trend confirmation, the indicator bars must be turned into a red color carrying a negative value. In either way, the size of the bar gets larger when the trend gets stronger.
The indicator value roams near its zero level means the market is in a neutral trend or a “no trade” condition. FX Fish is a standalone indicator. However, you may add other trend-following forex indicators with it to build up a fruitful trading strategy.
FX Fish: Buy Condition
- The indicator value turns positive
- FX Fish bars turn into a green color
- Buy triggers when the above conditions are done
- Set stop loss below the current low of the market
- Exit long/take profit whenever the indicator bars turn into a red color
Also Read: XM Review – An Extensive Broker Review
FX Fish: Sell Condition
- The indicator value turns negative
- FX Fish bars turn into a red color
- Sell triggers when the above conditions are done
- Set stop loss above the current high of the market
- Exit short/take profit whenever the indicator bars turn into a green color