What is IIArrows+Signals alert?
IIArrows+Signals alert is an MT4 indicator that reacts to an oscillator moving too far and prints an arrow signal for counter-trend use. The overbought and oversold values are adjustable and the display also works across multiple time frames.
How to use IIArrows+Signals alert
A yellow dot and an arrow on the sub-window oscillator appear when the oscillator passes the overbought or oversold threshold and then comes back to it. The yellow dot is drawn once the threshold is passed and the arrow is drawn where the oscillator turns back.
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 |
|---|---|
| TimeFrame | Sets the time frame the oscillator is read from; current time frame uses the chart time frame. |
| OverBought | Sets the oscillator value treated as overbought. |
| OverSold | Sets the oscillator value treated as oversold. |
| UseVolumeBasedIndicators | Controls whether the volume based filter is used. |
| OverSoldColor | Sets the color used while the oscillator is oversold. |
| OverBoughtColor | Sets the color used while the oscillator is overbought. |
| OverSoldColorSignal | Sets the color of the dot and signal drawn when the oscillator comes back from the oversold side. |
| OverBoughtColorSignal | Sets the color of the dot and signal drawn when the oscillator comes back from the overbought side. |
| ShowArrows | Controls whether the arrow signals are drawn on the chart. |
| arrowsIdentifier | Sets the internal identifier used for the arrows. |
| arrowsIdentifierSignal | Sets the internal identifier used for the signals. |
| arrowsWidth | Sets the arrow width. |
| Interpolate | Controls whether the oscillator line is drawn smoothly across the bars in between. |
| Alerts | Turns the alert function on or off. |
| AlertsEmail | Controls whether the alert is sent by email. |
| AlertsMobile | Controls whether a mobile notification is sent. |
| AlertBar | Sets the bar the alert condition is checked on. |
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.
