The Trend Strength Metatrader 4 Forex indicator is a technical tool that is based on a simple moving average, exponential moving average, linear weighted moving average and smoothed moving average.
The Trend Strength Indicator resembles the renowned MACD indicator but tends to be more responsive to recent price movements.
The detection of trends is made possible through the positioning of its multi-colored histograms and lines.
Howbeit, the zero reference line on the indicator is a defining point that gauges whether price is bullish or bearish.
The GBP/USD M30 chart below displays the Trend Strength Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the multi-colored histograms (blue, crimson, dodger blue & pink) of the Trend Strength Metatrader 4 indicator break and stay above the zero signal level.
Buy Sell: Go short when the multicolored histograms (blue, crimson, dodger blue & pink) of the Trend Strength break and stay below the zero signal level.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the gray line of the Trend Strength Indicator dips below the zero signal level.
Exit sell trade: Close all sell orders if while a bearish trend is running, the gray line of the Trend Strength Indicator surges above the zero signal level.
Tips: The Trend Strength Indicator is a versatile technical tool and asides gauging market trends, it can also be deployed as a divergence tool. Use it for scalping, day trading and swing trading purposes.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (Calculation_Periods, slow_period, fast_period, signal_period, Smoothing_Methods, slow_period_method, fast_period_method, signal_period_method, Price_Constants, To_Use, Price_Constant, Sensitivity, min_move, hi_lo_bars_back), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend | oscillator
Copy and paste the trend-strength-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)