Forex Counter Trend Trading Strategy
Forex Counter Trend Trading Strategy — a MetaTrader 4 indicator kept in the Old Kings collection. Judging by its name, it is built around following the trend and reversals against the current move. Its source code uses RSI, moving averages and ATR. It draws arrows on the chart, can send alerts and can read another timeframe. It has 38 settings, for example Amplitude (default 2), Show Bars (default false) and Show Arrows (default false). Attach it to a chart to see what it draws, then compare it with price on a few timeframes. Inside: 14 indicator files with source code (.mq4) you can open and edit in MetaEditor. Old Kings are classic community tools shared as-is. Not tested by PolyMaria. Try it on a demo account first. Are you the author of this tool? Message us on Telegram (@abumarket_support) and we will credit you or take it down.
Indicator · MT4 · v1.0 · Free
About Forex Counter Trend Trading Strategy
Forex Counter Trend Trading Strategy is an indicator for MetaTrader 4 based on RSI, Moving Average and ATR. It draws buy and sell arrows on the chart, can alert you with a pop-up, sound, email or push message and can show data from another timeframe (MTF). It has 38 settings, such as Amplitude, Show bars and Show arrows. MQL source code included.
Files in the download: Counter Stratgegy with trend-momentum filter.tpl, Counter Trend Strategy filter trend1.tpl, Forex Millonaire 5.ex4, half-trend.ex4, half-trend.mq4, HalfTrend-1.02.ex4, HalfTrend-1.02.mq4, rsioma_nrp_mtf+alerts bar nmc.ex4 ….
Settings
| Setting | Default | What it does |
|---|---|---|
| Amplitude | 2 | |
| Show bars | false | |
| Show arrows | false | |
| Alerts on | false | Turn this alert on or off |
| Alerts on current | false | Turn this alert on or off |
| Alerts message | true | Turn this alert on or off |
| Alerts sound | false | Turn this alert on or off |
| Alerts email | false | Turn this alert on or off |
| Time frame | Current time frame | Period or timeframe used by the calculation |
| Rsi oma period | 14 | Period or timeframe used by the calculation |
| Rsi oma price | 0 | |
| Rsi oma mode | MODE_LWMA | |
| Ma period | 10 | Period or timeframe used by the calculation |
| Ma type | MODE_LWMA | |
| Level ob | 70 | |
| Level os | 30 | |
| Soundfile | alert2.wav | Turn this alert on or off |
| Color variation | 0 | 1 - on signal cross, 2 - on levels cross, rest - on slope |
| Short limit | 10 | |
| Long limit | 20 | |
| Price | 0 | |
| Cfb norm length | 50 | |
| Cfb depth | 6 | |
| Cfb price | PRICE_WEIGHTED | |
| Cfb smooth | 8 | |
| Cfb result smooth length | 5 | |
| Cfb result smooth phase | 0 | |
| Cfb result smooth double | true | |
| Show histogram | true | |
| Show up down limit | true | |
| Length | 14 | |
| Tenkan | 9 | |
| Kijun | 26 | |
| Tenkan shift | 3 | Bar shift (0 = current bar) |
| Kijun shift | 9 | Bar shift (0 = current bar) |
| Periode rsi | 17 | Number of bars in the calculation |
| Overbought level | 70 | |
| Oversold level | 30 |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Trend · Buy/Sell Arrows · Alerts · Multi-Timeframe (MTF) · RSI · Moving Average · ATR · MT4 Indicator · MQL4 Source Code