Forex Trend Direction Indicator detects the best possible trend-swing areas of the market. Besides trend signals, it also updates the stop-loss level of any current trend on an automatic basis and guides you through your every trade until you exit. An easy method of signal display and better accuracy in regular trend detection has made this indicator widely accepted by forex trend following traders.
Forex Trend Direction Indicator can be used to trade all kinds of forex currency pairs. Moreover, it fits with all sorts of timeframe charts to enable all kind of trend based traders to trade in their favorite timeframes.
Forex Trend Direction Indicator Overview:
Once you’re done with the installation of Trend Direction Indicator at your forex MT4 terminal, your trading chart will appear as the following image:
Forex Trend Direction Indicator plots a dotted slope around the price bars along with up/downward arrows to signal the trends. For a long entry along with the bullish trend confirmation, the price must hold its position above the slope and an upward arrow must be plotted below the signaling candle. Price keeps its position below the indicator slope signals the bearish thrust of the trend. In such case, you need to wait for a downward arrow to be plotted for the short confirmation. For a long entry keep the stop loss level below the indicator slope and for a short entry, keep the stop loss level right above the respective slope area.
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Forex Trend Direction Indicator: Buy parameters
- Price closes above the Forex Trend Direction Indicator slope
- An upward arrow is plotted below a newly formed bullish bar
- Enter long when the above conditions are met
- Set stop loss below the slope area
- Take profit/exit long whenever a downward arrow is plotted
Forex Trend Direction Indicator: Sell parameters
- Price closes below the Forex Trend Direction Indicator slope
- A downward arrow is plotted above a newly formed bearish bar
- Enter short when the above conditions are met
- Set stop loss above the slope area
- Take profit/exit short whenever an upward arrow is plotted
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