Slope Direction Line Indicator MT4 - Free Download

The Slope Direction Line Indicator for MT4 comes as a solution for forex traders tired of complex and intricate indicators and it’s available to free download. Just sit back, relax check how it demonstrates the trend signals. It’s as simple as possible so everyone can understand the market situation and benefit from it.

Does the above description fit your current approach? Let’s take a closer look at it and bring some practical trading examples.

Introducing the Slope Direction Line Indicator

MT4 Indicator Overview

The download link of the Slope Direction Line MT4 indicator is placed at the bottom of this post. Once you’re done, your trading chart should look similar to the example below.

As you can see, it’s a forex trend indicator plotted on the basis of the Moving Average. Actually, it consists of a signal line and buy/sell arrows. Trade decisions are made according to the
price position in relation to the main line and also based on its color change.

It generates effortless and easy-to-read forex trading signals. Bullish and bearish market conditions are signaled on the color switch plus upward and downward line movement. What’s more, traders are provided with potential early reversal signals.

To be precise, a bullish trend momentum is considered when the slope turns light blue, the price is aligned below the signal line and an upward arrow occurs on the chart. Conversely, a bearish trend momentum opportunities happen when the slope turns red, the downward arrow is plotted on the chart and the price flows below the main line.

Slope Direction Line Indicator Settings

There are a few variables you can customize to tweak sensitivity to fit your preferences or your trading strategy.

Trend Continuation Pattern With The Slope Direction Line Indicator

The traditional approach expects the price to move below the main signal line for a bearish scenario since it creates an impression of a more clear situation. The same goes for a bullish scenario, where the price is expected to be located above the slope. Nonetheless, there is a disparate, but really good trading pattern that’s worth getting familiar with – namely, the trend continuation pattern.

When the price is generally falling but made a small correction crossing the slope line and it didn’t change its red color – it’s a great sell opportunity if bearish price pattern forms. On the other hand, when the price is generally rising but made a small correction crossing the slope and it didn’t change its light blue color – it’s a great sell opportunity if bullish price pattern forms.

How To Trade With The Slope Direction Line Indicator?

Generally speaking, the signal trigger is based on a simple color switch plus the corresponding trade entry and exit arrow. Let’s deep dive into how to exactly use that forex indicator in a few easy steps.

Slope Direction Line: Buy Signal

Slope line turns light blue
Price is located above the signal line
Upward arrow occurs on the chart
Open long trade when the above conditions are met
Set stop loss a few pips below the most recent market’s low point
Take profit whenever the opposite signal arrives or close it after achieving a satisfying risk-to-reward ratio

Slope Direction Line: Sell Signal

Slope line turns red
Price is located below the signal line
Downward arrow occurs on the chart
Open short trade when the above conditions are met
Set stop loss a few pips above the most recent market’s high point
Take profit whenever the opposite signal arrives or close it after achieving a satisfying risk-to-reward ratio

How to set up the Slope Direction Line indicator in MetaTrader (MT4)?

Installation Guide

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

Conclusion

We find the Slope Direction Line Indicator a good fit for new forex traders due to the simplicity of its signals. There is no struggle in identifying entry and exit points since they are marked very clearly on the charts. To increase the success rate even more one can combine it with other forex technical indicators like support and resistance levels, supply and demand zones or price channels. Traders can utilize both trend-following and trend-reversal strategies with this one.