The Double Trend Line forex indicator for Metatrader 4 draws two trend lines on the chart. One to buy the currency pair above and one to sell below.
The basics of trend lines are pretty simple to understand:
- When price closes above the trend line, traders look for buy trade opportunities
- When price closes below the trend line, traders look for sell trade opportunities
The EUR/USD M15 chart below displays the Double Trend Line forex indicator in action.
Basic Trading Signals
Signals from the Double Trend Line forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position after price closes above the upper blue colored trend line.
Sell Signal: Open sell position after price closes below the lower red colored trend line.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Tip: In an up trending market, only trade breaks of the upper blue trend line (resistance break).
In an down trending market, only trade breaks of the lower red trend line (support break).
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (FixedTF, OffSet, ShowRay) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Trend line
Copy and paste the i-skb-f-indicator.mq4 indicator 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)