Introduction to the Forex Price Degrees with Trend Alerts Indicator
The Forex Price Degrees with Trend Alerts indicator writes value degrees of the lastest position of the price at the current timeframe.
Depending on the daily price movement, and when position and condition of trend status was changed, that forex indicator will give an alerts.
If the theory of degrees is applied to the forex charts trading terminal, then price position can be divided in 4 ranges of degrees:
- 270 degrees to 310 degrees, is position of Strong Bearish;
- 315 degrees to 360 degrees (0 degrees), is a position of Bearish;
- 0 degrees to 45 degrees, is a position of Bullish;
- 50 degrees to 90 degrees, is position of Strong Bullish.
It fits all kinds of timeframes and currency pairs.
The indicator is displayed directly on the main trading chart.
The default settings can be modified directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
How to set up the Forex Price Degrees with Trend Alerts indicator in MT4?
Copy and paste the PriceDegrees.ex4 or PriceDegrees.mq4 indicator files into the MQL4 folder of the Metatrader 4 trading platform.
You can gain access to this folder by clicking the top menu options, which goes as follows:
File > Open Data Folder > MQL4 > Indicators (paste here).
Now go to the left side of your MT4 terminal. In the Navigator find the gauge name, right-click it and select Attach to the chart.
The Forex Price Degrees with Trend Alerts indicator is well worth adding to your trading collection but remember about having realistic expectations. Just like any other technical analysis tool, is not capable of providing accurate signals 100% of the time. Thus, this forex indicator provides false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.
Forex Price Degrees with Trend Alerts Indicator Free Download
To download the Forex Price Degrees with Trend Alerts Indicator for Metatrader 4 (MT4) for free just click the button below: