Forex Freedom Bar indicator is based on CCI (Commodity Channel Index) indicator which is displayed for four different time-frames. The indicator lines all CCI readings across multiple time frames, allowing to spot the moment when the CCIs signals align on a trend. Red colour indicates up-trend, while blue – down-trend. There are no limits as to what time frame can be used to trade.
Custom CCI Time-frames
The Forex Freedom Bar indicator also allows choosing what CCI data time frames to display. For Period_1, Period_2, Period_3, Period_4 use the following parameters:
How to trade with Forex Freedom Bar indicator
When all four time-frames turn the same color, we could expect a strong downtrend if the bars are red, or strong uptrend if the bars are blue. This, therefore, is a good way to trade range breakouts, confirming the rally. Meanwhile, to exit the trade we could wait for a lower time-frame CCI bar to turn a different color, signaling a temporary rebound.
Otherwise, the trade could be held until a subsequent support or resistance level. Another possible use of the Forex Freedom Indicator is to observe and trade on price corrections.
For instance, if the CCI bars show: Daily – red, 4 hour – red, 1 hour – red, but 15 min – blue, we might have a rebound on 15 min chart. Hence, it might be worthwhile to check out the 15 min price chart and look for good trend continuation entry opportunities at the end of the retracement.
How to Install and Download Forex Freedom Bar indicator
How to install your indicator on MT4 platform:
1. Click on Download button below;
2. Save the file to your computer;
3. Move the .ex4 file into the following folder: meta traderexpertsindicators;
4. Restart your Metatrader platform;
5. Click the “Indicators” button in Metatrader toolbar;
6. Select “Custom”;
7. Search and select “Forex Freedom Bar”;
8. Adjust settings or press OK to add the indicator to your selected chart;
Note: Forex Freedom Bar indicator is developed by Eli hayun and was sent by an AtoZ Markets follower from Germany, Thomas. AtoZ Markets does not carry any copyrights over this trading tool.
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