Introduction to the Trendline Probability Histogram Indicator
The Trendline Probability Histogram Indicator displays histogram bars that measure a possibility of a trendline. Green bars indicate a potential bullish trendline, and red bars reflect a potential bearish trendline. What’s more, bars values above 0 suggest a trendline above the price, and similarly, bars values below 0 suggest a trendline below the price.
The Trendline Probability Histogram 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.
Example trade with the Trendline Probability Histogram Indicator
Below is the screenshot of an example trade with the Trendline Probability Histogram Indicator.
How to set up the Trendline Probability Histogram indicator in MetaTrader (MT4)?
Download the Trendline Probability Histogram.rar archive at the bottom of this post, unpack it, then copy and paste the Trendline Probability Histogram.ex4 or Trendline Probability Histogram.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 Trendline Probability Histogram 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 Forex MT4 Trendline Probability Histogram Indicator
To download the Trendline Probability Histogram Indicator for Metatrader 4 (MT4) for free just click the button below: