Paint Bar Indicator is a following trend indicator
Time frame 1H & 4H
Pips 4 Idiots Color Indicator (is a paint bar forex metatrader indicator)
Then open up a 1 Hour or 4 Hour chart of any currency pair that you would like the Pips 4 Idiots Color Indicator to run on. It runs well on 1H or 4H charts.
Rule for entry position:
When you see a blue bar, enter/buy the currency pair and when you see the red bar, exit/sell the currency pair. You should probably start off with a smaller lot size.
Note: Once you have entered a trade, I typically have a max stop loss of between 15-20 pips. In other words, if I’m on the losing side of a trade (hardly ever happens with this indicator) by a margin of 15-20 pips, I usually exit out the trade and take the loss to prevent a greater loss. However, whenever you are on the winning side, exit the trade when you see the red bar.
To have a better chance of winning make sure that the color of the bars on the chart are the same as for 1H to 4 H.
Free Download Paint Bar Indicator :