The Trend Logic forex MT4 indicator is a good working one line buy and sell trading signals indicator for currency trading.
It consists of a two colored buy & sell signals trading line that is plotted directly on the main Metatrader 4 chart.
A green colored line indicates the trend is moving up and currency traders open a long trade position.
A red colored line indicates the trend is moving down and currency traders open a short trade position.
The default period for the LT period is set to 21, but this value can be tweaked to whatever value you need.
The indicator can be used for scalping (M1, M5), day trading (M5, M15) and swing trading (M30, H1, H4, D1) without any problem.
The Trend Logic indicator can be used as a standalone signals indicator or together with an oscillator, for example MACD would fit.
The EUR/USD H4 chart below displays the Trend Logic forex indicator in action.
Basic Trading Signals
Signals from the Trend Logic forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the Trend Logic MT4 indicator draws a green line (up trend).
Sell Signal: Open sell position when the Trend Logic MT4 indicator draws a red line (down trend).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (LT_Period) 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 trend-logic-indicator.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)