Free Indicator – Trend identifier – Forex Freedom Bar
MT4 indicator (Forex_Freedom_Bar.mq4)
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.
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.