Forex Trend Direction Indicator MT4

MT4 Free Download

Introduction to the Forex Trend Direction Indicator

The Forex Trend Direction Indicator 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.

The Forex Trend Direction Indicator fits all kinds of timeframes and currency pairs. It 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.

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.

Forex Trend Direction Indicator Anatomy

Forex Trend Direction: 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

Forex Trend Direction Indicator Example of Buy Trade

Forex Trend Direction: 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

Forex Trend Direction Indicator Example of Sell Trade

How to set up the Forex Trend Direction indicator in MetaTrader (MT4)?

Installation Guide

Download the Forex Trend Direction.rar archive at the bottom of this post, unpack it, then copy and paste the Forex Trend Direction.ex4 or Forex Trend Direction.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.

Forex Trend Direction Indicator in MT4 Trading Platform Navigator

Summary Of That Forex Indicator

The Forex Trend Direction 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.