The Holy Signals indicator, which I will tell you about today, generates signals to enter the market. I want to warn you right away that you should not trade only according to his recommendations. This technical analysis tool can be a useful addition to a trading strategy. It should be used in conjunction with some other indicator. For example, it could be MACD. Holy Signals has no restrictions on currency pairs and timeframes. However, you might need to tweak the settings a bit. With them, I will begin my review of the indicator.
Since this indicator is absent in the standard MT4 set, you will have to install it in the trading terminal. I will post the link for downloading the Holy Signals file at the end of this article. It must be copied and pasted into the corresponding folder of the MT4 directory on your computer. Then you should restart the platform.
As for the parameters, there are only three of them. The settings do not relate to the algorithm of the indicator, but to the convenience of trading on it.
Entry signals are displayed on the chart as blue circles. The distance between the price and this circle can be specified using the Signal-Gap parameter.
Enable-Sound-Alert – this parameter allows the trader to enable or disable the sound alert about a signal, that is, about a favorable situation for opening a trading position.
Enable-Mail-Alert – this parameter also concerns notification of the appearance of a signal, but this is done by sending a message to the specified email address. Whether it is necessary or not is up to the trader to decide.
Holy Signals trading
As I wrote above, for this indicator you need to find a pair. Holy Signals, unfortunately, can redraw their signals, so it should not be used as a primary analysis tool. A good result is obtained when working with MACD.
The order of the trader’s actions is as follows.
After a buy signal appears (blue circle under the candlestick), look at the MACD. Its histogram should be below the zero level. If this condition is met, then you can open a buy deal.
After a sell signal appears (blue circle above the candlestick), we also look at the MACD. Its histogram should be above the zero level. In this case, you can open a sell order.
In addition, it is convenient to use signal circles to build significant levels and then take them into account in the process of making trading decisions.
Test the operation of the Holy Signals indicator on a demo account. After that, you can decide how appropriate it is to include it in your trading strategy.