SmPriceBend-T01 is best known as a trend oscillator that signals the strength level of the market trend and possible trend reversals. It also identifies sidelined markets so that you can avoid trading during a neutral trend condition of the market. The indicator is very simple to understand and easy to follow, especially for the newbie traders.
SmPriceBend-T01 can be applied to all kinds of forex currency pairs available in the financial markets. Moreover, this trendy oscillator suits all sorts of timeframe charts within the forex MT4 trading platforms.
Download the oscillator and install it on your MT4 terminal. Once you’re done, find your chart like the image below:
SmPriceBend-T01 applies T3 moving average system combined with 21 SMA for determining the direction of the market trend. The calculation process of the indicator is a bit complex. However, it demonstrates the signal in a simple manner that can be read by traders with any level of experience.
Its value turns positive means the market is in a bullish condition and turns negative to signal the bearish trend of the market. The indicator value stands at or near the zero level means the market is in a neutral condition or in a short-range.
An opposite turnaround of the indicator value to your opened trade should be considered as an exit signal. However, you can still exit your trade upon hitting a 1:2 risk to reward ratio.
SmPriceBend-T01: Buy Condition
- The indicator value moves above the zero level
- Price candle closes as a bullish bar at the same
- A buy can be triggered once the above conditions are met
- Set stop loss below the current swing low of the market
- Exit long or take profit whenever the indicator value turns negative
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SmPriceBend-T01: Sell Condition
- The indicator value moves below the zero level
- Price candle closes as a bearish bar at the same
- A sell can be triggered once the above conditions are met
- Set stop loss above the current swing high of the market
- Exit short or take profit whenever the indicator value turns positive