The Multi Trend Bars forex MT4 indicator is an easy to understand yet powerful buy and sell trading indicator.
It displays multiple small trend indicator bars in the main trading chart for any pair and timeframe.
Green bars indicate the current trend is bullish and red bars the current trend is bearish.
This signals indicator can be used as a standalone buy/sell forex indicator and works for scalping, day trading and swing trading.
For scalping and intraday trading, use the indicator during the London and New York trading session for best trading results.
The EUR/USD M15 chart below displays the Multi Trend Bars forex indicator in action.
Basic Trading Signals
Signals from the Multi Trend Bars forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the Multi Trend Bars indicator draws all green bars (strong bullish trend).
Sell Signal: Open sell trade position when the Multi Trend Bars indicator draws all red bars (strong bearish trend).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Colors, 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 trend-test.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)