The BDFX Trender forex indicator for Metatrader 4 is a special trend following histogram trading indicator that works pretty well.
BFDX consists of 3 colors:
- Blue suggests the trend is upward
- Red suggests the trend is downward
- Yellow suggests the trend is flat or range-bound
Trading the BDFX Trender MT4 indicator is easy, look to buy when the histogram bars turn blue color and look to sell when the bars turn red color.
Do nothing when the BDFX Trender bars are colored yellow or stick with your current open buy/sell position.
BDFX Trender can be used as a standalone or combined with other technical indicators or analysis techniques.
It’s good for scalping and day trading currency pairs and other assets.
The EUR/USD Daily chart below displays the BDFX Trender Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the BDFX Trender MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade position when the color of the BDFX Trender histogram turns blue. Set stop-loss below the previous swing low level.
Sell Signal: Open a sell trade position when the color of the BDFX Trender histogram turns red. Set stop-loss above the previous swing high level.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: 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 bdfxtrender.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)