The Trendbar forex indicator for Metatrader 4 is composed of ADX and PSAR (Parabolic Sar).
The indicator displays the prevailing trend for any currency pair and timeframe.
There are 3 possibilities:
- A green small box represents a bullish trend.
- A red small box represent a bearish trend.
- A yellow box represents a flat trend.
All boxes colored green represent a strong bullish trend. All timeframe’s are bullish.
All boxes colored red represent a strong bearish trend. All timeframe’s are bearish.
A mix of green and yellow boxes represent a weak uptrend.
A mix of red and yellow boxes represent a weak downtrend.
A mix of red, green and yellow boxes represent a range-bound market.
The EUR/USD 1-hour chart below displays the Trendbar Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Trendbar MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when ALL MT4 trend boxes are colored green. Place a stop-loss below the previous swing low price.
Sell Signal: Open sell position when ALL MT4 trend boxes are colored red. Place a stop-loss above the previous swing high price.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (ADX period, ADX price, step Psar) 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 gg-trendbar.mq4 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)