The Taotra Trend MT4 forex indicator consists of a fast MA (LimeGreen), middle MA (Gold) and slow MA (Violet) technical indicator.
You can choose from the following moving average types: simple MA, linear weighted MA, smoothed MA and exponential MA.
Understanding how to trade with this indicator is pretty easy to understand:
A buy signal occurs when the fast MA is aligned above the middle MA and slow MA + the middle MA is aligned above the slow MA.
The opposite applies to sell signals.
In this case, the fast MA is aligned below the middle MA and slow MA + the middle MA is aligned below the slow MA.
The Taotra Trend Metatrader 4 indicator is a typical forex crossover system indicator but uses 3 different moving averages instead of 2.
The EUR/USD 5-Minute chart below displays the Taotra Trend Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Taotra Trend MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Buy the currency pair when the fast moving average is aligned above the middle moving average and slow moving average + the middle moving average is aligned above the slow moving average.
A protective stop-loss should be placed below the previous support level.
Sell Signal: Sell the currency pair when the fast moving average is aligned below the middle moving average and slow moving average + the middle moving average is aligned below the slow moving average.
A protective stop-loss should be placed above the previous resistance level.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (starting period, method, average method, price, period step, slow MA, middle MA, fast MA) 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 taotra.ex4 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)