The Super Trend Line Forex indicator for Metatrader 4 scans the currency chart for the best trend lines that can be used for trade entry.
The indicator appears in the main chart window.
In essence, trend lines can be used in multiple ways, for instance to trade price breakouts above or below the trend line.
After you downloaded and installed the indicator on the MT4 trading platform, it should look like the image as shown below.
- Draws trend lines
- Good for breakout trading
- Pure price action, no lag
- Well worth adding to your indicator collection
This indicator can work together with any existing trading strategy or system as a trend breakout confirmation tool.
Indicator Example Chart
The EUR/USD 30-minute chart below shows the Super Trend Line indicator in action.
Basic Trading Signals
- A buy signal is given the candlestick closes above the trend line from below and the overall trend is upward.
- Set stop loss a few pips below the trend line.
- Exit the buy trade for a predetermined profit target or wait for a sell signal.
- A sell signal is given the candlestick closes below the trend line from above and the overall trend is downward.
- Set stop loss a few pips above the trend line.
- Exit the sell trade for a predetermined profit target or wait for a buy signal.
Download This Forex Indicator
Adjustable Parameters & Settings
High period, low period, trigger, colors, style
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Currency Pairs: works on any currency pair
Trading Platform: developed for Metatrader 4 (MT4)
Time Frames: any
Indicator Type: trend line
How to install the Super Trend Line indicator in Metatrader 4?
- Copy and paste the xTrendLine.mq4 indicator into the MQL4 indicators folder.
- You can access this folder from the top menu as follows:
- File > Open Data Folder > MQL4 > Indicators (paste here)
How to remove the indicator from the chart?
- Right click in the chart
- Select indicators list
- Click on the indicator’s name
- Click on the delete button