The Trend Power forex MT4 indicator scans for buy and sell trade opportunities on any pair and for any timeframe.
The Trend Power indicator draws colored buy and sell signal lines directly on the activity chart.
A blue colored line drawn below the candlesticks suggests the pair is trending up and currency traders look to buy the pair.
A red colored line drawn above the candlesticks suggests the pair is trending down and currency traders look to sell the pair.
The default period for the PeriodStep is set to 10 but this value can be changed to whatever value you want to experiment with.
The Trend Power MT4 indicator can be used for scalping, day trading and swing trading.
The Trend Power indicator can be used as a standalone buy/sell signals indicator or together with an oscillator, for example MACD or Slow Stochastic would fit.
The EUR/USD H4 chart below displays the Trend Power forex indicator in action.
Basic Trading Signals
Signals from the Trend Power forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade position when the Trend Power indicator draws a blue line below the candlesticks (bullish trend).
Sell Signal: Open sell trade position when the Trend Power indicator draws a red line above the candlesticks (bearish 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 (PeriodStep, CountBars) 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-power.mq4 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)