Introduction to the Trend Wave Indicator
The Trend Wave indicator is a custom forex oscillator. The formula behind that gauge uses the combination of price, exponential, and simple moving averages.
It usually works great at catching accurately short-term price reversals during the ongoing trending market. The bullish and bearish crossovers of the main and signal lines can be used as buy/sell signals (blue and yellow dot).
Another way to use the Trend Wave forex indicator is taking advantage of the recognition of market overbought (when the oscillator exceeds the 60 level) and oversold (when the oscillator drops below the -60 level) levels.
It fits all kinds of timeframes and currency pairs.
The indicator 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.
How to set up the Trend Wave indicator in MT4?
Copy and paste the TrendWave.ex4 or TrendWave.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 Trend Wave 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, 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.
Trend Wave Indicator Free Download
To download the Trend Wave Indicator for Metatrader 4 (MT4) for free just click the button below: