The Silver Trend MT4 forex indicator is a trend following trading indicator that displays the current trend directly on the activity Metatrader 4 chart.
The indicator draws two types of candlesticks:
Blue ones and red ones. Blue ones for bullish price action and red ones for bearish price action.
Trading the Silver Trend indicator is pretty simple, even for absolute beginners.
Silver Trend can be used for scalping (M1, M5), day trading (M5, M15, M30) and swing trading (H1, H4, D1) currencies.
The EUR/USD H1 chart below displays the Silver Trend forex indicator in action.
Basic Trading Signals
Signals from the Silver Trend forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the indicator draws a blue colored candlestick on the chart.
Sell Signal: Open sell position when the indicator draws a red colored candlestick on the chart.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Tip: In order to trade a buy on dips and sell on rallies forex strategy with the Silver Trend indicator, add a longer-term trend following indicator to the chart and only take positions in the direction of the longer trend.
Avoid counter trend trades.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (risk, SSP, CountBars) 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 silver-trend.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)