The BrainTrend Signal Alerts forex indicator follows the short-term trend and is a great scalping indicator.
Buy & Sell Signals:
- A blue arrow represents a short-term buy signal.
- A red arrow represents a short-term sell signal.
It’s highly recommended to use the BrainTrend scalp indicator together with a longer period moving average or MACD.
A valid buy signal would occur when price trades above the longer period moving average and the BrainTrend Signal indicator paints a blue buy arrow on the chart.
A valid sell signal would occur when price trades below the longer period moving average and the BrainTrend Signal indicator paints a red sell arrow on the chart.
The BrainTrend Signal Alerts forex indicator sends out alerts when there’s a new buy or sell trade opportunity.
It displays the indicator signal (bullish or bearish) and the suggested trade you should take in the upper left window of the MT4 chart.
The GBP/USD 1- Minute chart below displays the BrainTrend Signal Alerts Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the BrainTrend Signal Alerts MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the BrainTrend Signal Alerts indicator draws a blue arrow on the Metatrader 4 chart.
Place a protective stop below most recent support. Trade in agreement with the overall trend.
Sell Signal: Open sell trade when the BrainTrend Signal Alerts indicator draws a red arrow on the Metatrader 4 chart.
Place a protective stop above most recent resistance. Trade in agreement with the overall trend.
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 (display alerts, email alert, display trader info) 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 BrainTrendSignalAlerts.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)