The Algorithmic Megatrend Metatrader 4 indicator is a great buy/sell trend forex indicator.
This indicator identifies the most profitable trend and then generates buy and sell arrows in the direction of this trend.
The Algorithmic Megatrend forex indicator consists of a blue/red histogram located in a separate window and buy/sell trading arrows.
This is a good indicator for scalping (M5 chart) and day trading (M15, M30 chart).
Typically, one would look for short-term profits from this indicator throughout the London and U.S trading sessions.
The USD/CHF M15 chart below displays the Algorithmic Megatrend forex indicator in action.
Basic Trading Signals
The signals from the Algorithmic Supertrend indicator are easy to interpret and goes as follows:
1. Arrow Signals
Buy Trade: Open buy trade when a blue arrow appears on your chart.
Sell Trade: Open sell trade when a red arrow appears on your chart.
Trade exit: Use your own method of trade exit.
2. Histogram Signals
Buy Trade: Open buy trade when the histogram turns blue (above the 0.0 level).
Sell Trade: Open sell trade when the histogram turns red (below the 0.0 level).
Trade exit: Exit the trade at an opposite signal or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Histogram, UpColor, DnColor, Alerts, PushAlert) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the Algorithmic_megatrend.ex4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)