Introduction to the Trend Filter Indicator
The Trend Filter Indicator is an oscillator, but it’s based on a filtered moving average. Its role is to provide whether the trend direction is bullish, bearish or flat.
The Trend Filter Indicator fits all kinds of timeframes and currency pairs. It is displayed in a separate window placed just below 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.
Closer look on the Trend Filter Indicator
The Green colored line indicates the trend is going up and a trader should look for long trades. Conversely, the red colored line indicates the trend is going down and a trader should seek short trade opportunities. The yellow line means market indecision or flat market and a trader should wait for a start of a new trend and then trade accordingly.
Check charts of the Trend Filter Indicator in action.
These are available settings. The default MA period filter is set to 9, but this value can be adjusted.
How to set up the Trend Filter indicator in MetaTrader (MT4)?
Download the Trend Filter.rar archive at the bottom of this post, unpack it, then copy and paste the Trend Filter.ex4 or Trend Filter.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.
Summary Of That Forex Indicator
The Trend Filter 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 MT4 Trend Filter Indicator
To download the Trend Filter Indicator for Metatrader 4 (MT4) for free just click the button below: