TrendySignalMt4l is a trend-following indicator that quickly responds to a trend change. The indicator forms the line so that it is always located above or below the chart depending on a trend. This allows using the indicator both for a trend analysis and setting stop loss and take profit.
The indicator should be attached in the usual way. It works on any timeframe from M1 to MN and with any trading symbols.
The indicator has no configurable inputs.
Recommendations on working with the indicator
- If the current price is above the indicator line, then the current trend is bullish
- If the current price is below the indicator line, then the current trend is bearish
- All trading positions should be opened only if the trend has changed, for example:
- Buy when the current price breaks the indicator line upwards. The indicator line displays where to place a stop loss
- Sell when the current price breaks the indicator line downwards. The indicator line displays where to place a stop loss
- Fix the profit when the trend changes again or use a fixed value.