Introduction to the Perfect Trend Line Indicator
The Perfect Trend Line Indicator is a custom trend-following forex trading tool that uses crossovers to generate buy and sell signals signalized by dots. Additionally, this indicator colorizes the candlesticks to green and pink.
The indicator is simple, easy to use, and fits all kinds of timeframes and currency pairs.
The indicator can be utilized as a standalone trend indicator or can put together with other technical analysis tools to create a profitable trading system / strategy.
The default indicator 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
Signals provided by the Perfect Trend Line Indicator are really intuitive and will not cause you difficulties. Simply follow the suggestions below.
Buy Entry: Open long trade when a green dot occurs and the triggering bar has closed. Place your stop loss a few pips below last swing low.
Sell Entry: Open short trade when a pink dot occurs and the triggering bar has closed. Place your stop loss a few pips above last swing high.
Exit Trade / Take Profit: Close your open position when an opposite signal occurs, or use your own preferred method of trade exit.
As always, to achieve good results, remember about proper money management.
This is a very basic way of trading with the Perfect Trend Line indicator. We suggest adding some filters e.g. moving average.
Example of EUR/AUD H1 Chart
This screenshot below shows an example of the Perfect Trend Line in action. In conjunction with a 50 period simple moving average.
How to set up the Perfect Trend Line indicator in MT4?
Copy and paste the perfect-trend-line-indicator.mq4 or perfect-trend-line-indicator.ex4 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, that 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.
Click the link below:
The Perfect Trend Line 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, it will provide false signals occasionally. Its performance will vary significantly depending on market conditions. Feel free to develop your own trading system based around it.