Forex Trend Direction Indicator
Platform: MT4 Type: Trend Last update: September 25, 2024The Forex Trend Direction Indicator for MetaTrader 4 automatically recognizes and provides potentially great swing trade opportunities. Besides these signals, that gauge also provides a dynamic stop-loss level for an ongoing trend-momentum and leads a trader by the hand until the trade exit. It works the best during strong market swings.
Anatomy of the Forex Trend Direction Indicator
The Forex Trend Direction Indicator consists of buy/sell arrows and a pink dotted band that hovers/flows above and below the candlesticks. The trades are triggered at the occurrence of a blue upward arrow for a long trade and a red downward arrow for a short trade. A long trade is valid till the candles are above the pinkish band. Similarly, a sell trade is valid till the candles are located below the pinkish band. You can use a trailing stop and move it along the movement of the band.
Buy Signal
Follow these steps for a long trade:
- Blue upward arrow appears
- Price is above the pinkish band
- Open buy trade at the triggering candle
- Set stop loss a few pips below the pinkish band
- Take profit/exit long whenever an opposite arrow is plotted
Sell Signal
Follow these steps for a short trade:
- Red downward arrow appears
- Price is below the pinkish band
- Open sell trade at the triggering candle
- Set stop loss a few pips above the pinkish band
- Take profit/exit long whenever an opposite arrow is plotted