BS Market Displayer Vs2 Indicator is a trading system based on the Renko chart with the purpose of filtering all market noise (Manipulations and spikes). The system runs under 2 different time frames and the settings may vary according to trader style (scalper, day trader, and swing and position trader). The settings can be done by changing the EA configuration.
This free forex indicator analyzes the price behavior on the chart every second and determines the ideal entry points based on the built-in algorithm, informing you when you need to open a deal.
This free forex indicator can give you trading signals you can take as they are or add your additional chart analysis to filter the signals further, which is recommended. While traders of all experience levels can use this system, it can be beneficial to practice trading on an MT4 demo account until you become consistent and confident enough to go live.
You can set the BS Market Displayer Indicator to send you a signal alert via Mobile Notification, or platform pop-ups. This is helpful as it means you do not need to stare at the charts all day waiting for signals to appear, and you can monitor multiple charts all at once.
BS Market Displayer Indicator System can be used on any Forex currency pair and other assets such as stocks, commodities, cryptos, precious metals, oil, gas, etc.
How to Install (Important)
- Copy all the file to according folders
- Restart your Metatrader 4
- Open your preferred Pair e.g: EURUSD, GBPUSD, etc, and select Time Frame M1. Zoom out to the smallest chart then press the HOME key on the keyboard several times. We do this step to get history data a minimum of 1 to 2 months ago.
- Click Tools>Options
- Click on the Charts tab and check all boxes, Insert 9999999999999 to field Max bars in history and Max bars in the chart.
- Attach “BS-Renko EA ©” EA into your chart. Settings for It as following.
- For currencies
- SCALPER: Renko box size _1 or 2, Chart Timeframe 1Hour or 4hours.
- Day trader: Renko box size _4 or 5, Chart Timeframe 4 hours or 1day.
- Swing trader: Renko box size _10 or 15, Chart Timeframe 1day or 1week.
- For high volatility assets (gold, silver, nas, SMP, etc.)
- SCALPER: Renko box size _50, Chart Timeframe 4hours.
- Day trader: Renko box size _100, Chart Timeframe 1day.
- Swing trader: Renko box size _200, Chart Timeframe 1week.
- Open the chart you want to trade according to your style and asset class Example: I want to trade on EURUSD and I am a day trader. ( I will use Renko box size _4, Chart Timeframe 4 hours).
- Click Tab File ➔ Open offline
- If you previously Attach the EA to the EURUSD pair, you can find EURUSD M2 (if you cant you may need to restart the MT4). Click Open it.
- In the last step attach “updated BS SPIKE displayer Vs2″ template into your new chart.