Alfa Trend Indicator has specially designed for the newbie trend following traders. this indicator is ideal for those who struggle a lot with many complex indicators that create confusion in their decision makings. Here, with this indicator, you’ll just need to pull the trigger according to the direction of the indicator arrow.
This indicator has proved that it is applicable to all sorts of timeframe charts. Furthermore, you’ll be able to trade any forex currency pair by applying this amazing forex trading tool.
Alfa Trend Indicator Overview
After you install the Alfa Trend Indicator at your forex MT4 terminal, your trading chart will appear as the following image:
This indicator uses a dual-trend filter (RVI & centerline) to detect the best possible moment of a trend change. The indicator first confirms the current trend and then plots the trade signal according to the trend direction. An upward arrow signals the long entry with the confirmation of a bullish trend. On the other hand, A downward arrow is plotted when the of a bearish trend is confirmed along with a sell signal.
Alfa Trend Indicator: Buy Parameters
- Price bar closes as a bullish trend at the bottom of the chart screen
- The Indicator Plots an upward arrow right below the signaling candle
- Buy triggers after the above conditions are met
- Set stop-loss below the low of the respective candle
- Exit long/take profit once Alfa Trend Indicator plots a downward arrow
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Alfa Trend Indicator: Sell Parameters
- Price bar closes as a bearish trend at the top of the chart screen
- The indicator Plots a downward arrow right above the signaling candle
- Sell triggers after the above conditions are met
- Set stop-loss above the high of the respective candle
- Exit short/take profit once the Indicator plots an upward arrow
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How do I install the indicator in tradingview?