The dTrends Star Signals forex indicator for Metatrader 4 provides easy to read trend-following buy/sell signals in the form of a stars.
- A blue star represents a buy signal
- A red star represent a sell signal
The indicator follows the short-term trend, so for good performance, I recommend to combine the dTrends indicator with a longer-term moving average.
For instance, a 200 SMA or 100 EMA would fit.
When the overall MA trend is up, trade the blue stars and ignore the red stars.
When the overall MA trend is down, trade the red stars and ignore the blue stars.
The EUR/AUD H4 chart below displays the dTrends Star Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the dTrends Star Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when a blue star signal appears on the chart.
Place a stop loss below short-term support or use your own preferred SL method.
Sell Signal: Open a sell trade when a red star signal appears on the chart.
Place a stop loss above short-term resistance or use your own preferred SL method.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (select applied price, EMA period, Alerts)Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the dTrends.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)