The ALTR Forex Trend indicator for MT4 displays trend direction directly on the candlesticks for the ease of use.
The colored candlesticks will reveal the most likely trend direction.
The basic concept:
- The trend is considered upwards when the candlesticks are colored blue.
- The trend is considered downwards when the candlesticks are colored orange.
Feel free to experiment with the ADX period.
Tip: For scalpers, the most profit can be made during the London and American trading session.
Indicator Example Chart (EUR/USD M30)
How to trade with it (example)?
Consider to open a long trade as soon as the first blue candlestick gets printed on the trading chart.
Consider to open a short trade as soon as the first orange candlestick gets printed on the trading chart.
Exit the trade whenever an opposite trading signal arrives on the chart, or use your own favorite take profit strategy.
Set a stop loss above or below the candlestick resistance or support.
Feel free to use your own favorite trading method to open and close trades with the ALTR Forex Trend Candlestick indicator.
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: K, K stop, K period, ADX period, count bars, color settings & style
Indicator type: trend
Repaint? Does not repaint the colored candlesticks.
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the altr-trend-indicator.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.