Ahoora Trend Indicator
Platform: MT4 Type: Trend Last update: December 8, 2024The Ahoora Trend indicator for MT4 is a trend-following gauge providing insights into trend direction, whether it is bullish or bearish. Technical analysis is pretty simple with that forex tool as it works in a similar manner to moving averages.
How to apply Ahoora trend in trading?
The core element of that strategy is the signal line. Depending on the trend direction, it changes its color accordingly.
In short, the green signal line suggests that upward movement is expected. On the other hand, the red signal line suggests considering the downward movement.
Let’s take a look at the charts and then further explanation of trading rules.
Buy Signal
- Market sentiment is bullish (price at the right side of chart should be higher than at the left side)
- Signal line changes from red to green
- Open a long trade after the above requirements are met
- Set stop loss a few pips below the most recent market low swing
- Take profit when the opposite signal occurs or use your method of trade exit
Sell Signal
- Market sentiment is bearish (price at the right side of chart should be lower than at the left side)
- Signal line changes from green to red
- Open a short trade after the above requirements are met
- Set stop loss a few pips above the most recent market high swing
- Take profit when the opposite signal occurs or use your method of trade exit
Sideways Market
The best results are achieved during strong market trends, so choppy conditions are unfavorable and should be avoided. Performance during the sideways market is poor. Take a look at the example chart.
Note
Only a basic case of usage is given above. The Ahoora indicator can be utilized in trend-following, scalping, or even trend reversal forex strategies. It’s a good fit for both beginners and advanced forex traders. Despite it was designed as a standalone tool, feel free to use it in conjunction with other technical analysis indicators.
Settings
These are available settings.
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