Be Forex Guru Indicator

The Be Forex Guru Indicator for MT4 is a straightforward but effective trend-following forex indicator. It calculates its trade signals using multiple indicators behind the scenes. These signals are presented in a very simple format, namely, buy/sell arrows. Furthermore, a signal line reflects bullish and bearish market circumstances. It is suitable for both novice and experienced forex traders. Because of its versatility, that gauge is appropriate for all types of forex strategies.

What is the Be Forex Guru Indicator?

By charting a green and red color line, the Be Forex Guru Indicator for MT4 assists forex traders in identifying bullish and bearish market circumstances. The indicator also delivers Buy and Sell arrow trading indications. The indicator functions in all intraday timeframes as well as on daily, weekly, and monthly price charts. Furthermore, traders can use this indicator to perform top-down technical analysis. The indicator can be used effectively by both novice and experienced forex traders. The indicator line’s color assists new traders in identifying the current market trend and trading accordingly. This indicator can be used by advanced forex traders to create automated trading strategies.

Setting up the Be Forex Guru Indicator
Setting up the Be Forex Guru Indicator

Be Forex Guru Strategy

On the chart, the indicator depicts the Bearish price trend as Red and the Bullish market trend as Green. Furthermore, the trading indicator displays BUY arrow trading signals in Green and SELL arrow trading signals in Red. Additionally, the indicator notifies traders via pop-up messages or emails. When the price is rising, the indicator line turns green and displays a Green Up arrow. As a result, forex traders could enter a BUY position with a stop loss below the previous swing low. At the opposite arrow trading signal, traders can exit trade. Forex technical traders can ride the price trend as long as the indicator line is bullish. However, traders could book profits when there is an opposite arrow trading signal or when the risk to reward ratio is favorable.

Similarly, if the price is Bearish, the indicator line turns Red and provides a Red Down arrow signal. As a result, forex traders could enter the market with a SELL position and a stop loss that is above the previous swing high or opposite trading signal. Exiting at an opposite trading signal or a good risk-reward ratio could be used for booking profits. The indicator is effective in top-down technical analysis. Due to the fact that higher time frame trends tend to last longer, forex trend traders could use the higher time frame to identify the primary trend. Lower time frame charts could be used by technical traders to determine the best entry point in the direction of the higher time frame. This assists the trader in remaining in the primary trend’s direction.

Buy Signal

The following could be your checklist for a buy trade:


  • When the indicator plots a green BUY arrow.
  • When the indicator line turns green.

Once these events occur:

  • You could open a buy position after you confirm your entry with bullish candlestick patterns.
  • You could set your stop loss just below the nearest swing low.
  • You could set your take profit at the nearest resistance zone, or you could exit trade when the indicator line turns red.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Be Forex Guru Indicator Buy Setup
Be Forex Guru Indicator Buy Setup

Sell Signal

The following could be your checklist for a sell trade:

  • When the indicator plots a red SELL arrow.
  • When the indicator line turns red.

Once these events occur:

  • You could open a sell position after you confirm your entry with bearish candlestick patterns.
  • You could set your stop loss just above the nearest swing high.
  • You could set your take profit at the nearest support zone, or you could exit trade when the indicator line turns green.
  • For good risk management, I would only consider trades with a risk to reward ratio of at least 1:2.
Be Forex Guru Indicator Sell Setup
Be Forex Guru Indicator Sell Setup

Be Forex Guru Pros & Cons

Pros

  • Be Forex Guru Indicator can be used with any trading system for additional confirmation of trading entries or exits for day trading and intraday trading.
  • This indicator helps inform the trader on trend direction and possible entry and exit points.

Cons

  • Be Forex Guru Indicator may not be very suitable for a quiet market.
  • This indicator may require additional knowledge of price action to utilize optimally.

Conclusion

The Be Forex Guru MT4 Indicator is a trend-following technical trading indicator. It provides traders with BUY and SELL signals based on arrows. As a trend-based indicator, the indicator’s results may be limited in a ranging market when compared to trending markets. In a ranging market, forex traders may want to trade the bullish and bearish trading signals with caution.

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