The Perfect Trend Line Metatrader 5 forex indicator is a technical tool that is based on the highest high and lowest low of two distinct periods.
A trend is derived based on those values.
When added on the activity chat, the Perfect Trend Line indicator reveals dodger blue and crimson colored signal lines.
- A dodger blue colored signal line represents a bull trend.
- A crimson colored signal line represents a bear trend.
Clearly, the Perfect Trend Line indicator is similar to the Parabolic SAR.
Just like the Parabolic SAR indicator, it can act as probable adjustable stop loss (trailing stops) targets levels during trading.
The EUR/USD H1 chart below displays the Perfect Trend Line Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the dodger blue line of the Perfect Trend Line Metatrader 5 forex indicator gets aligned somewhat below the price bars.
Sell Signal: Go short when the crimson line of the Perfect Trend Line Metatrader 5 forex indicator gets placed above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the crimson line of the Perfect Trend Line indicator pops up above the price bars.
Exit sell trade: Close all sell orders if while a bearish trend is running, the dodger blue line of the Perfect Trend Line indicator gets aligned below the candlesticks.
Tips: The Perfect Trend Line indicator shows us points where price stops and reverses.
Interestingly, short term (scalpers & intraday) traders can adopt these signal setups as a suitable gauge for implementing trade signals.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Fast length, Slow length), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | stops
Copy and paste the PTL.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)