The Simpler Trend forex MT4 indicator draws colored buy and sell candlesticks on the main trading chart for any pair and timeframe.
Green colored candlesticks suggest the trend is up trending.
Red colored candlesticks suggest the trend is down trending.
You can use this indicator on its own or combine with other indicators or analysis tools.
For instance, combine it with an oscillator indicator and trade the oscillator in the trend indicated by the Simpler Trend indicator.
In an uptrend (green candles), trade oversold oscillator signals.
In an downtrend (red candles), trade overbought oscillator signals.
Simpler Trend works on any timeframe, from M1 up to the monthly timeframe.
The USD/JPY H4 chart below displays the Simpler Trend forex indicator in action.
Basic Trading Signals
The buy and sell signals from the Simpler Trend indicator goes as follows:
Buy Trade: Open buy trade at the first green Simpler Trend candlestick
Sell Trade: Open sell trade at the first red Simpler Trend candlestick
Exit Trade: Exit an open trade at an opposite candlestick colored bar or use your own preferred exit method
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Average Period, Sensitivity, Alerts, Email Notification, Push Notification) 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 Simpler 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)