Future Indicator for MT4

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Future Indicator for MT4

Introduction to the Future Indicator

Market noise is one of the most common reasons why traders make wrong trade decisions. To prevent this scenario, many traders use trend following indicators to help them identify and confirm the direction of the trend. The Future Indicator is a responsive trend following indicator which can help traders objectively identify the direction of the trend or momentum with less noise.

What is the Future Indicator?

The Future Indicator is a trend following technical indicator which shows the direction of the trend or momentum based on recent price action movements.

It overlays bars on the price chart which shadow the movements of price action. The color of the bars changes depending on the direction of the trend or momentum. It plots blue bars to indicate a bullish momentum and red bars to indicate a bearish momentum.

Future Indicator for MT4

How the Future Indicator Works?

The Future Indicator uses a complex formula within its program script which is based on a moving average. It also plots the bars with varying opens, highs, lows, and closes using formulas which are unique to each point on the bar. This data is then used to plot the bars overlaid on the price chart.

How to use the Future Indicator for MT4

The Future Indicator allows users to modify the characteristics of the bars it plots using its indicator settings.

“MaPeriod” refers to the number of bars the indicator would use to compute for the oscillation of its bars.

“MaMetod” refers to the type of underlying moving average the indicator would use for its computations.

This indicator also allows users to toggle the alerts on and off using the “Alerts” option.

How the Future Indicator Works

The Future Indicator is mainly a trend following indicator.

Traders can use it to identify the direction of the momentum or trend based on the color of the bars it plots.

It can also be used to identify trend reversals using the changing of the color of the bars as a trend or momentum reversal signal. However, this technique is best used in confluence with a reversal from a support or resistance level or in confluence with a long-term trend or other technical analysis basis.

Buy Trade Setup

When to Enter?

Identify an uptrend market based on a rising price action. Wait for price to retrace allowing the Future Indicator bars to temporarily change to red. Open a buy order as the bars change back to blue. Set the stop loss on the support below the entry candle.

When to Exit?

Close the trade as soon as the Future Indicator bars change to red.

How to use the Future Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Identify a downtrend market based on a dropping price action. Wait for price to retrace allowing the Future Indicator bars to temporarily change to blue. Open a sell order as the bars change back to red. Set the stop loss on the resistance above the entry candle.

When to Exit?

Close the trade as soon as the Future Indicator bars change to blue.

How to use the Future Indicator for MT4 - Sell Trade

Conclusion

The Future Indicator is somehow very similar to the Heiken Ashi Smoothed or Heiken Ashi Moving Average Indicator. However, they do differ with regards to the characteristics of its oscillations. The Future Indicator is somehow more responsive compared to the Heiken Ashi Smoothed Indicator and could change colors earlier than the Heiken Ashi Smoothed Indicator.

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