The ASC Trend Bar MT4 indicator is a simplified variation of the traditional ASC buy/sell signal arrows technical indicator.
This variation draws bullish and bearish trend bars on the chart.
Aqua colored bars are considered bullish and magenta bar bearish.
Use the ASC Trend Bar indicator in agreement with other technical indicators or analysis tools.
It works pretty good when combined with the 100 exponential moving average.
Only trade in the direction of the underlying trend.
Trend upward? Only trade the aqua signals from the ASC Trend Bar MT4 indicator.
Trend downward? Only trade the magenta signals from the ASC Trend Bar MT4 indicator.
The GBP/USD daily chart below displays the ASC Trend Bar Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the ASC Trend Bar MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open long trade when the ASC Trend Bar MT4 indicator draws an Aqua bar on the chart (bullish).
Sell Signal: Open short trade when the ASC Trend Bar MT4 indicator draws an Magenta bar on the chart (bearish).
Trade Exit: Close the open buy/sell trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Risk, CountBars) 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 asc-trend-indicator-2.mq4 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)