Free Indicator – Trend identifier – Forex Freedom Bar

Free Indicator – Trend identifier – Forex Freedom Bar

MT4 indicator (Forex_Freedom_Bar.mq4)

Forex MT4 Forex Freedom indicator

How to read Forex Freedom Bar

The indicator is based on CCI (Commodity Channel Index) indicator.
It lines us all CCI readings across multiple time frames, allowing to spot the moment when all CCIs signals agree on a trend. Red – uptrend,  blue – down trend.

How to trade with Forex Freedom Bar

There are no limits as to what time frame can be used for entries/exits.
This custom MT4 indicator also allows to choose the time frames to display.

Forex MT4 Forex Freedom indicator

Use the following parameters:

43200 – monthly time frame
10080 – weekly
1440 – daily
240 – 4 hour
60 – 1 hour
30 – 30 min
15 – 15 min
5 – 5 min
1 – 1 min

When all 4 time frames turn red – time to sell, expect a strong downtrend; blue – buy, strong uptrend.

Another use of the Forex Freedom Indicator is to observe and trade on price pullbacks.

For, example, if we have:

Daily – red, 4 hour – red, 1 hour – red, but 15 min – blue

there is a retracement on 15 min chart, it is a good idea to check out the 15 min price chart and watch for good entry opportunities at the end of the retracement.

Forex MT4 forex freedomMTF_Forex_Freedom_Bar.mq4

Source: Forex-indicators.net


4 Comments on “Free Indicator – Trend identifier – Forex Freedom Bar”

  1. jaap says:

    In my MT4 I cannot see which line is D1 , H4 , H1 or M30 , it can be usefull to see that.

    Are you only taking a trade when all cci signals agree , or also a few bars later , as signals come during night hours. I would like moere information on this indicator . As a daily user of CCI , I try to make the link with my own charts.
    Thanks , and I hope for some kind of comments.

    jaap

    • Hello Jaap,

      Thank you for your comment & question Jaap. I have tested this indicator for quite a while now. I would recommend using it in conjunction with other indicators. Remember this is a trend following CCI.
      Personally, I dont use it as my main “trigger” indicator, it just helps me identify trends in a trending market. In consolidation it just bounces around. Hope this helps, let me know if you have any other question.
      Best Luck in your trading, always use Stops! Dimitri

  2. Saurabh says:

    Hi,

    Very much thanks to share this indi..!!

    I have a query like Does this Indicator Re-paint??

    Saurabh


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