The Trend Signal Metatrader 4 forex indicator is a superb technical indicator that offers traders information pertaining to trend at a very quick glance.
It provides an uncluttered market view regarding price action.
The Trend Signal indicator pops up in the form of green upward and red downward pointing arrows, where they’re shown to point in the direction of bullish and bearish market sentiments respectively.
The smart display of arrows on the activity chart will give users an instant insight into current trend and its direction on all time frames.
This makes following of major/minor trends even easier.
Its predefined settings might need a little bit of tweaking to work better, especially when increasing the value of the “Length” Variable.
The CAD/JPY H1 chart below displays the Trend Signal Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the green upward pointing arrow of the Trend Signal Metatrader 4 forex indicator pops up slightly below the candles.
Sell Signal: Go short when the red downward pointing arrow of the Trend Signal Metatrader 4 forex indicator gets displayed fairly above the price bars.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the red downward pointing arrow of the Trend Signal indicator gets spotted on the chart.
Exit sell trade: Close all sell orders if while a bearish trend is running, the green upward pointing arrow of the Trend Signal indicator pops up on the chart.
Tips: In order to maximize winning potentials, additional filters should be added to the trade setup i.e. ADX and MA Crossover filter or price action methods.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Length, Risk, LabelSize), 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-signal.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)