The Super Trend forex indicator for Metatrader 4 is a great buy and sell technical indicator that is often used in systems and strategies.
Signals from this indicator are easy to read, even for complete forex beginners.
Super Trend consists of two colored signal lines: green and red.
- A green signal line represents a bullish trend. The line appears below the rising candlesticks on the MT4 chart.
- A red signal line represents a bearish trend. The line appears above the falling candlesticks on the MT4 chart.
Both signal lines can be used for placing trailing stops.
- During an uptrend, trail the stop up just below the rising green Super Trend line.
- During a downtrend, trail the stop down just above the declining red Super Trend line.
Feel free to adjust the Multiplier parameter (found inside the indicator’s inputs menu).
The EUR/USD 4-Hour chart below displays the Super Trend Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Super Trend MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate a buy order when the signal line changes color from red to green (uptrend). Place a protective stop-loss below the green Super Trend line.
Sell Signal: Initiate a sell order when the signal line changes color from green to red (downtrend). Place a protective stop-loss above the red Super Trend line.
Trade Exit : Close a buy trade when the signal line changes color from green to red. Close a sell trade when the signal line changes from red to green or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (multiplier, periods) 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 super-trend.mq4 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)