The Linear Regression Double Trend Line MT4 indicator is based on linear regressions and trend lines.
The indicator generates alerts when the trend changes direction based on the double trend line.
It’s a good indicator if you like to trade buy and sell forex signals from trend changes.
It can be used on any timeframe and forex pair and suits scalpers, day traders and swing traders.
The EUR/USD M15 chart below shows the LRDegrees forex indicator in action.
Basic Trading Signals
Buy Trade: Go long when the indicator shows an up arrow, means the trend is bullish.
Sell Trade: Go short when the indicator shows an down arrow, means the trend is bearish.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Linear Regression 1, Linear Regression 2, Alerts) 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 lines
Copy and paste the LRDegrees.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)