Introduction to the Forex Trend Champion Indicator
The Forex Trend Champion Indicator is a technical forex indicator that points out the current and past trends. It provides green and red bars that indicate adequate market direction. Obviously, green bars are placed for a bullish trend, and red bars are placed for a bearish trend.
The Forex Trend Champion Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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 use Forex Trend Champion?
Red bars suggest a bearish trend and green bars indicate a bullish trend. So traders should be attentive for opportunities in the following situations:
- When the color of the bars changes from red to green, it is time to look for a buy order.
- When the color of the bars changes from green to red, it is time to look for a sell order.
Example trade with the Forex Trend Champion Indicator
Below is the screenshot of an example trade with the Forex Trend Champion Indicator.
The trades are triggered when the Forex Trend Champion indicator changes its color. In this particular example, it changed from green to red suggesting a downtrend, so we placed adequate sell trade. Soon later, the price started to drop significantly.
How to set up the Forex Trend Champion indicator in MetaTrader (MT4)?
Download the Forex Trend Champion.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Trend Champion.ex4 or Forex Trend Champion.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 Trend Champion indicator is well worth adding to your trading collection. A good forex indicator will most probably enhance your chance of success. Nonetheless, 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. Don’t forget that we still have more great free forex MT4 indicators to download and try.
Download Free MT4 Forex Trend Champion Indicator
To download the Forex Trend Champion Indicator for Metatrader 4 (MT4) for free just click the button below: