The Trendanator Indicator for MT4 is designed to help users identify trading signals that align with the current market trend as accurately as possible and it’s available to free download. It utilizes Trendanator Bars as the primary detector of market trend and Trendanator Bands to refine the trade signals for its users.
Sounds interesting? Let’s take a closer look at it and bring some practical trading examples.
Introducing the Trendanator Indicator
MT4 Indicator Overview
The download link of the Trendanator MT4 indicator is placed at the bottom of this post. Once you’re done, your trading chart should look similar to the example below.
At the first glance, it looks like a MACD indicator with some bands added.
When the Trendanator Bars turn white and have a positive value, this indicates a bullish trend. To confirm a buy entry, the Trendanator Bands should also be moving above the zero level.
Conversely, a red Trendanator Bar that drops below the zero level signals a sell entry. While the gauge can be used on its own, it can also be combined with other technical indicators for even better results.
There are several variables you can customize to fit your preferences or your trading strategy.
How To Trade With The Trendanator Indicator?
Generally speaking, the signal trigger depends on its values being above or below the 0 level. Let’s deep dive into how to exactly use that forex indicator in a few easy steps.
Trendanator: Buy Signal
- Trendanator bars turn white
- Any of the Trendanator Bands rises above the zero level
- 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 when Trendanator bars turn red
Trendanator: Sell Signal
- Trendanator bars turn red
- Any of the Trendanator Bands drops below the zero level
- 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 when Trendanator bars turn white
How to set up the Trendanator indicator in MetaTrader (MT4)?
Download the Trendanator.rar archive at the bottom of this post, unpack it, then copy and paste the trendanator-indicator.ex4 or trendanator-indicator.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 Trendanator is an interesting forex indicator that works with all kinds of currency pairs and time frames. What’s more, its signals are friendly-enough to be utilized both by beginners and advanced forex traders. We find it an alluring MACD alternative providing reliable signals. Obviously, your success also depends on ongoing market conditions and proper money management.
Download Free Forex Trendanator MT4 Indicator
To download the Trendanator Indicator for Metatrader 4 (MT4) for free just click the button below: