Forex Freeway indicator is based on CCI indicator. In fact, it analyzes multiple CCI – from several time frames. There are 4 “roads” of Forex Freeway,read from left to right – 15min, 30min, 1 hour and 4 hours. The idea is to enter the market when shift forex 4 CCI agree on a trend.
A trader chooses which time frames to monitor. When all 4 roads of the Forex Freeway are green – Buy. When all 4 roads of the Forex Freeway are red – Sell. When adding Forex Freeway indicator to MT4 chart, be sure your chart has “Chart shift” settings on, otherwise you won’t see the indicator – it will have no room to paint itself on the right. Once enabled, you’ll find a small triangle above your screen, see example below. You can move this triangle to adjust your charts shift. This one has additional horizontal lines across the Freeways roads, called “Road blocks”.
When freeway is all red, look for a breakout below fractal support and then go short. The indicator needs room on the right side of the chart in order to be seen. Make sure you’ve applied “Chart shift” property to the charts. I’m very new to meta trader 4 and would like to know if you could spare some time to explain how to download this indicator and implement it in MT4? Maybe this is a common question and you have written a small tutorial that I can look at. I find the script I get when I follow the download link here confusing as I have no knowledge as to this kind of computer language. In Internet Explorer: right-click on the link, Save Target As.
In Firefox: right-click, Save Link As. If you ever find a script for any indicator, then simply copy it and paste into a regular . 4 – you’ve got a ready MT4 indicator! I have a question All the CCI period are set to 50?
Do you change them with different value or leave them the same. All should be set to 50. If you want to change CCI settings, for example, make it 34, then you have to change all four CCIs to 34. Please can you give a picture of wen buys and sell takes place in the forex_freeway. On the freeway indicator, the color of the “roads” change.
For example, both the green and red roads have various shades of green and red. Ok, on Forex_freeway indicator we several colors: bright green, bright red and dark green, dark red. We don’t use dark color roads at all. If you see all 4 bright green roads, you’re good to go Long.
If you see all 4 bright red roads – you’re good to go Short. The only way to trade it earlier is to come when there are 3 roads highlighted and wait for the forth one to lit up. Thanks for all this indicator guide. I have install freeway and fractal. Also what point should I move into trade, is it when the price is in green region that I should go long and when price is in red region I should go short. The deep green are inactive roads, you don’t use them.
Only when the road is lit up in bright green or red, it shows a trend direction and is used as a signal along with other bright color roads. This information here is very useful. But my question here is that, where will the TP be placed? This indicator doesn’t advise on TP. You can go either way, that’s basically up to you how you want to use those trend signals.
You can exit on the first change of color. Long trade and immediately go Short. Is it possible to make alert when all 4 bars are lit? Yes, I’m sure it is, but I don’t have programming skills to do it myself.