The Trend Signal Trader Metatrader 4 forex indicator draws easy to read buy and sell trading signals on the chart.
A blue arrow is a signal to buy and a magenta arrow is a signal to sell.
This is a trend following forex indicator good for scalping and day trading the M1, M5, M15 and M30 charts.
Use the H1, H4 and daily charts for swing trading.
In order to experiment with the indicator’s settings, open the indicator’s input tab to change its values.
Download the “trendsignal.mq4” MT4 indicator
The EUR/USD H4 chart below displays the Trend Signal Trader forex indicator in action.
Basic Trading Signals
Signals from the Trend Signal Trader forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy trade when the indicator draws a blue arrow on the chart (buy signal).
Sell Signal: Open sell trade when the indicator draws a magenta arrow on the chart (sell signal).
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download the “trendsignal.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Risk, SSP, Enablemail) 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 trendsignal.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)