What is MSP Indicator?
MSP Indicator is an MT4 signal tool that uses ATR-based reversal detection to display BUY and SELL signals. Its signal generation considers support and resistance, trend lines, market strength, ADR, and ATR.
How to use MSP Indicator
BUY and SELL reversal arrows appear when a reversal point is detected. Red arrows mark a move from an uptrend to a downtrend, while blue arrows mark a move from a downtrend to an uptrend. The tool reacts to large price moves, so set parameters for each currency pair and use a separate indicator to read the larger trend.
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 |
|---|---|
| Source | Selects the price type used for the calculation. Default: HL2. |
| ATR Timer | Sets the period used for the ATR calculation. Default: 14. |
| ATR Multiplier | Sets the multiplier applied to ATR to adjust sensitivity. Default: 3.0. |
| Reactor [0,1] | Adjusts the reaction speed. Default: 0.8. |
| Changing ATR method? | Changes the ATR calculation method when enabled. Default: true. |
| sep0 | Configuration group. |
| phone_notifications | Enables push notifications to a phone. Default: true. |
| email_notifications | Enables signal notifications by email. Default: true. |
| Popup_notifications | Shows pop-up notifications in MT4. Default: true. |
| is_Text_Display | Shows BUY/SELL text on the chart. Default: true. |
| Text Width | Sets the width of the displayed text. Default: 12.0. |
| Buy Text Color | Sets the text color for BUY signals. Default: Blue. |
| Sell Text Color | Sets the text color for SELL signals. Default: Red. |
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.
