The iTrend Signals MT4 indicator is based on a combination of Bollinger Bands and Bulls Bears power.
ITrend provides buy and sell signals for any pair and timeframe based on this technical indicator combination.
A buy signal will occur when the blue histograms bars are aligned above the zero level while the red histograms are aligned below the zero level.
A sell signal will occur when the red histograms bars are aligned above the zero level while the blue histograms are aligned below the zero level.
To make it very easy for any trader, iTrend will display the signal and direction.
For instance, “Indicator Signal: Bullish” + “Open Buy Order”.
The USD/JPY M1 chart below displays the iTrend Signals Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the iTrend Signals MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the iTrend Signals indicator tells you to do so.
Place a stop loss below the most recent support level.
Sell Signal: Open a sell trade when the iTrend Signals indicator tells you to do so.
Place a stop loss above the most recent resistance level.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Bollinger Bands mode, applied price, calculation price, Bulls Bears power period, bars calulation, alerts) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Copy and paste the iTrend_new.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)