TrueTL Indicators are a combination of multiple trend-based tools which has been developed and launched for the traders who seek assistance regarding the trend-following trading.
Trade signals are generated by the system only when the indicators are able to determine a possible upcoming trend or the continuation of the current trend. Its automatic trendline helps traders to find suitable places to enter and exit the trades.
TrueTL Indicators can be applied to trade any forex currency pair available at the market. Moreover, it works in all sorts of timeframe charts so that traders of any kind can be benefited from this handy combination of indicators.
TrueTL Indicators Overview
After the installation of TrueTL Indicators at your forex MT4 terminal, your trading chart will appear like the following image:
TrueTL Indicators Anatomy
- True TL V1: Its job is to look for possible trend lines and draw them at the chart on an automatic basis. This indicator helps traders to determine the area of the trade entries and exits as well.
- MTF CCI: This indicator states the status of the market momentum. Generally, it turns blue and positive in value to signal the bullish momentum of the market. Conversely, it turns negative and red in color when the momentum is bearish.
- MTF RSI: This is a specially modified version of Relative Strength Index. It tells you about the overbought/oversold condition of the market as correctly as possible. It also indicates the market momentums by changing its colors. A blue MTF RSI signals the bullish momentum and turns red to signal the bearish momentum of the market.
Also Read: Pin Bar Trading Indicator
TrueTL Indicators: Buy Parameters
- Price is supported by the lower True TL V1 level
- MTF CCI turns blue and remains positive in value
- MTF RSI turns blue and remains near 20
- Buy triggers when all the above conditions are met
- Set stop loss below the lower True TL V1 level
- Exit long/take profit whenever price hits the upper True TL V1 level
TrueTL Indicators: Sell Parameters
- Price is resisted by the upper True TL V1 level
- MTF CCI turns red and remains negative in value
- MTF RSI turns red and remains near 80
- Sell triggers when all the above conditions are met
- Set stop loss above the upper True TL V1 level
- Exit short/take profit whenever price hits the lower True TL V1 level