The BS Trend MT4 forex indicator displays colored trend following signal bars in a separate Metatrader 4 window.
A bullish trend occurs when the bars are colored blue and positioned above the 0.00 level.
A bearish trend occurs when the bars are colored magenta and positioned below the 0.00 level.
The BS Trend technical indicator provides short-term trend following signals and works for scalping and day trading.
The indicator displays the current trend in the upper left corner of the separate chart window.
Use it during the London and New York trading sessions on low spread currency pair to maximize profit potential.
The default BS Trend period is set to 12 but can be modified to the period you need directly from the indicator’s inputs tab.
The EUR/USD 30-Minute chart below displays the BS Trend Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the BS Trend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open long trade when the BS Trend indicator changes bar color from magenta to blue.
Sell Signal: Open short trade when the BS Trend indicator changes bar color from blue to magenta.
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 (period) 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 bstrend-indicator.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)