The Brain Trend Metatrader 4 indicator displays interesting short-term support and resistance levels on the activity chart.
Resistance levels are marked with red styled dots while support levels are marked with blue styled dots.
This indicator is useful for scalping and intraday trading techniques.
Use the Brain Trend indicator in agreement with the overall trend or combine with simple price action methods (candlestick patterns, chart patterns,..).
- A buy signal occurs when price crosses and closes above resistance (red dots)
- A sell signal occurs when price crosses and closes below support (blue dots)
The GBP/USD 15-Minute chart below displays the Brain Trend Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Brain Trend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a long trade when price crosses and closes above resistance. Confirm the trade long with price action or other analysis methods.
Sell Signal: Initiate a short trade when price crosses and closes below support. Confirm the short trade with price action or other analysis methods.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (Number of bars, Enable alerts) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: support | resistance
Copy and paste the brain-trend-indicator.ex4 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)