The Powertrend MT4 forex indicator is an trend following signals technical indicator based on Average True Range.
Powertrend draws buy and sell trading lines on the chart for any pair and works for any timeframe.
Blue indicator lines indicate there’s an up trend.
Red indicator lines indicate there’s an down trend.
The default ATR period is set at 3 but can be tweaked to whatever ATR period you want to start using.
The Powertrend forex indicator is suitable for scalping, day trading and swing trading currency pairs.
Download the “bat-atr.mq4” MT4 indicator
The EUR/USD M30 chart below displays the Powertrend forex indicator in action.
Basic Trading Signals
Signals from the Powertrend MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy trade when the indicator draws the start of a blue line (bullish).
Sell Signal: Initiate a sell trade when the indicator draws the start of a red line (bearish).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download the “bat-atr.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (BackPeriod, ATRPeriod, Factor, TypicalPrice) 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 bat-atr.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)