The Mega Trend Indicator is an improved variant of a moving average type Metatrader 4 forex indicator, which clearly reveals accurately the point of trend reversal.
Traders will in most cases use this indicator as a buy/sell trading signals indicator and sometimes as a price filter.
This indicator comes with a default period of 144, and a period value of this magnitude makes the indicator slow (thus it is used for long term trend identification), while a smaller period will make the indicator fast (thereby determining short-term price movements).
The change in color from red (sell) to blue (buy) or vice versa of the line of the Mega Trend Indicator defines the possible direction of the market.
The EUR/USD M30 chart below displays the Mega Trend Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending line of the Mega Trend Indicator Metatrader 4 custom forex indicator turns blue. Place a stop-loss below the most recent support level.
Sell Signal: Go short when the descending line of the Mega Trend Indicator Metatrader 4 custom forex indicator turns red. Place a stop-loss above the most recent resistance level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the Mega Trend Indicator reverts to red.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Mega Trend Indicator changes to blue.
Tips: The Mega Trend Indicator supports long and short term trend analysis, making it a fit technical tool for a wide range of trading purposes including scalping and day trading.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (period, method, price), 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 mega-trend-indicator.ex4 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)