MT4 Arrow Indicator Download – Free | Forex Indicator Download – MetaTrader 4 Resources – MetaTrader 4 Resources

Arrow indicator, using Bollinger Bands , draws bullish and bearish trailing stop levels on the chart. In addition to creating dynamic stops, this trading tool also provides buy and sell signals with visual arrows.

Arrow Indicator Specification Sheet

The following table describes the arrow indicator specifications:

Arrow indicator at a glance

In the Arrow indicator, a green trailing stop line below the candle indicates a bullish trend, while an orange stop line above the trend indicates a bearish trend.
Additionally, the tool uses the Arrow indicator to mark potential trading entry points.

bullish trend conditions

Analyzing the cryptocurrency based on the Binance Coin (BNB) 1 hour chart, possible entry points for buy trades are indicated by green arrows.
Additionally, the trailing stop is placed below the price, allowing traders to place stop orders below the green dynamic line.

Bearish trend conditions

According to the 5-minute chart of Gold/USD (XAU/USD), the indicator has identified a bearish trend and issued a sell signal.
In this case, the area below the orange trailing stop line can be considered a suitable area to place a stop loss order.

Arrow indicator settings

The adjustable parameters of the arrow indicator are as follows:

• BB Length: Bollinger Band length
• BB Deviation: Bollinger Band standard deviation
• Show Signal: Signal display
• Show Line: Trailing stop loss line display
• Lookback: number of previous candles used for calculation

Conclusion

The Arrow indicator draws dynamic trailing stop levels on the chart and highlights bullish and bearish trends with green and orange lines.
In addition to setting dynamic stop loss levels, it also displays possible entry and exit points with arrows. The tool can use trading strategies [scalping, swing trading and day trading] across multiple timeframes.