What is Angel_Reaper?
Angel_Reaper is an MT4 signal tool that combines a Keltner Channel with Heikin Ashi candles. The original states that its logic is not disclosed.
A Keltner Channel is made of three lines, an upper band, a centre line and a lower band, that combine an average of price with its volatility. The moving-average period parameters set how quickly the channel responds to price.
How to use Angel_Reaper
Arrows appear when price moves beyond the band. Few arrows are printed while the market is ranging.
The original notes that arrows also appear during large declines. The alert parameters decide whether an alert fires once the conditions are met.
Where it helps
MT4 Indicator Parameters
The table below lists the available MT4 indicator parameters. You can customize these options in the MetaTrader Inputs dialog to match your trading preferences.
| Parameter | Description |
|---|---|
| short_MA_Period | Sets the period of the short moving average. A smaller value makes it respond faster to price and makes it easier to catch the start of a trend. |
| Mid_MA_Period | Sets the period of the mid-term moving average. It is used to judge the direction of the market from a perspective between the short and long terms. |
| Long_MA_Period | Sets the period of the long-term moving average. It is used to capture the broader market flow and helps identify the trend background. |
| alertsOn | Sets whether to enable the alert function. When true, an alert operates once the conditions are met. |
| alertsOnCurrent | Sets whether to issue an alert when a signal appears on the current candle. When false, notification is sent after the signal is confirmed. |
| alertsMessage | Sets whether to enable notification by pop-up message. When true, a notification is displayed on screen when a signal occurs. |
| alertsSound | Sets whether to sound an alert. When true, a signal is announced by sound. |
| alertsEmail | Sets whether to send alerts by email. Mail sending must be configured in MT4 beforehand. |
The screenshot above shows the default input parameters in the MT4 settings window.
How to Install .ex4 Indicator in MetaTrader 4
- Download the ZIP file and extract it.
- In MT4, select File → Open Data Folder.
- Open MQL4 → Indicators and copy the EX4 or MQ4 file into it.
- If the package includes library files, copy them to MQL4 → Libraries. Copy TPL files to the top-level templates folder.
- Restart MT4, find the indicator in the Navigator, and drag it onto a chart.
Test the tool on a demo account first. File contents and required folders can vary between packages.
