Entry Signal Indicator
Entry Signal++ Indicator for MT4 provides BULLISH and BEARISH BUY and SELL arrow signals and alerts for forex trading. Free to download and install.
Description
The Entry Signal Indicator for MT4 is a trend following indicator. It identifies the BULLISH and BEARISH market trends and provides BUY and SELL arrow trading signals. The indicator not only provides BULLISH and BEARISH signals but also indicates the neutral or FLAT nature of the market. So forex traders can understand the presence or absence of the price trend and apply technical trading strategies accordingly.
From my experience, this is one of the more intuitive and beginner-friendly tools, especially when combined with similar indicators like our Super Signal Indicator and the AO Signal Candle Indicator. These tools complement each other when confirming signals across multiple timeframes.
The indicator works on all intraday chart time frames as well as daily, weekly, and monthly price charts. So forex traders can use the indicator to trade multi-time frame (mtf) technical trading strategies. The indicator is best suited for new and advanced forex traders. New traders can identify the trend direction; find the best entry point with the arrow signals. Moreover, they can identify the stop loss and take profits easily. However, advanced forex traders can apply complex trading strategies and trade in confluence with support, resistance, channel, and trend lines for best trading results.
Entry Signal Indicator For MT4 Trading Signals
The above AUDCAD H4 price chart shows the Entry signal++ indicator for MT4 in action. The indicator displays the BUY arrow trading signals and the BULLISH bars in BLUE. Similarly, shows the SELL arrow signals and the BEARISH bars as RED. As it does not change the color of neutral bars, the neutral bars are displayed in GREEN. I’ve used this on several pairs — especially AUDCAD and EURUSD — and found the green neutral bars very useful during consolidation zones. It helps me stay out of choppy markets.
The indicator changes the bar color and provides a BLUE arrow indicating the beginning of a BULLISH price trend. So forex traders can enter a BUY position with a stop loss at the end of the previous downtrend or the first bar of the neutral trend. This helps the trader to avoid whipsaws and to have a decent stop loss. On the other hand, traders can continue to hold the position and ride the trend until the bar color changes to neutral or RED.
Similarly, if the bar color changes to RED and simultaneously a RED arrow signal appears it indicates the beginning of a BEARISH market trend. At this moment, forex traders can place a SELL trade and enter the market in a downward direction. The best stop loss can be placed above the last bar of the previous uptrend or at the first bar of the previous neutral trend. However, forex traders can use the trading signals to follow the trend and stay in the downtrend until the bar color changes to neutral or opposite signal color.
Trends identified in higher time frames tend to be more stable and last longer than their smaller counterparts. So forex traders can identify the trend direction in a higher time frame and enter the markets in a lower time frame with the best possible entry.
Pros and Cons of the Entry Signal Indicator
Pros
- Clear visual signals with arrows and bar colors.
- Supports any timeframe, including intraday and swing setups.
- Great for beginners — easy to interpret.
- Helps avoid flat or choppy markets with neutral bar filters.
- Free to download and easy to install.
Cons
- Doesn’t include alerts (you have to monitor it manually).
- Can give late signals in fast markets.
- Not ideal for scalping without confirmation.
- Performance can vary based on asset volatility.
Conclusion
Forex traders can trade the Entry Signal++ indicator for MT4 as a standalone indicator as it provides the entry and exit points. But, for best results, forex traders should use the indicator in confluence with other technical tools. Additionally, traders can download the indicator for free and install it easily. If you’re wondering whether this tool is better suited for day trading or swing trading, I highly recommend reading our blog post on Day Trading vs Swing Trading to help you decide which strategy works best with this indicator.
Frequently Asked Questions (FAQ)
Can I use the Entry Signal Indicator with any MT4 broker?
Yes, it’s fully compatible with all standard MT4 brokers. You can also explore a list of trusted brokers here.
Does this indicator repaint?
No, once a signal is printed on a closed candle, it remains fixed.
Can I use it with other indicators?
Definitely. It pairs well with RSI, trendlines, and breakout strategies.
Does it work on crypto and indices?