The Slope Direction Line Metatrader 4 forex indicator is a trend tool that is plotted on the basis of the Moving Average.
The color of the Slope Direction Line indicator switches between a mostly ascending blue and a predominantly descending red.
- A buy signal occurs when the blue line appears on the MT4 chart.
- A sell signal occurs when the red line appears on the MT4 chart.
The indicator is designed to trade any forex currency pair that is present in the market.
It can be used as a standalone buy/sell indicator or traded together with other technical indicators.
The EUR/USD M30 chart below displays the Slope Direction Line Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the ascending Slope Direction Line Metatrader 4 forex indicator turns blue (bullish).
Sell Signal: Go short when the descending Slope Direction Line Metatrader 4 forex indicator turns red (bearish).
Exit buy trade: Close all buy orders if while a bullish trend is running, the Slope Direction Line indicator turns red.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the Slope Direction Line indicator reverts to blue.
Tips: The Slope Direction Line indicator has a good track record and can be applied to any timeframe. It works for scalpers, day traders and swing traders alike.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (period, method, price), 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 slope-direction-line.ex4 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)