Introduction to the NXC Slope Divergence Indicator
The NXC Slope Divergence Indicator is a slope indicator based on the divergence between price and NXC trading indicator. Trades are triggered at the touch of trendlines that are plotted by NXC Slope Divergence Indicator and they together create a channel.
The NXC Slope Divergence Indicator fits all kinds of timeframes and currency pairs. It is displayed both directly on the main trading chart and in a separate window below it. 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 does it work? How to apply in trading?
Trading Rules Explanation
Buy Entry: Open long trade when the price is near the bottom of the channel and the NXC Slope Divergence channel is pointing upward. At the same time, the blue signal line should reach -50 level. Place your stop loss a few pips below the last swing low.
Sell Entry: Open short trade when the price is near the top of the channel and the NXC Slope Divergence channel is pointing downward. At the same time, the blue signal line should reach 50 level. Place your stop loss a few pips above the last swing high.
Exit Trade / Take Profit: Close your open position when the price reaches the opposite channel band, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management. To be a profitable trader you need to master discipline, emotions, and psychology. It is crucial to know when to trade, but also when not to trade. Avoid trading during unfavorable times and market conditions like low volume/volatility conditions, beyond major sessions, exotic currency pairs, wider spread, etc.
How to set up the NXC Slope Divergence indicator in MetaTrader (MT4)?
Download the NXC Slope Divergence.rar archive at the bottom of this post, unpack it, then copy and paste the NXC Slope Divergence.ex4 or NXC Slope Divergence.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 NXC Slope Divergence 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 Forex MT4 NXC Slope Divergence Indicator
To download the NXC Slope Divergence Indicator for Metatrader 4 (MT4) for free just click the button below: