Objective Trend Trading Demo
- Indicators
- Rajendra Modha
- Version: 1.0
This is a trend following indicator that identifies optimal entry points in the direction of a trend with an objective stop loss to manage the trade. The indicator allows you to catch trend early and ride it. The Indicator draws resistance line as it detects an Uptrend and draws support line when it detects a Downtrend on the chart. When those levels are broken, that allows you to identify the Trend Direction and Momentum in the direction of prevailing trend which offers optimal entry points in the direction of a trend.
The indicator does not repaint, effective on all timeframes less than 60 minutes and on SPX500, EURNZD. For the intraday lower time frames, volatility is taken into account to avoid false signals. So despite the price cross above/below resistance/support, the arrow signal may not be generated. Signals can be used for an Expert Advisor using the iCustom function.
The indicator allows you to catch trend early and ride it. If you are an aggressive trader, you may add positions if your previous positions are at breakeven level or profitable. This tool helps you to minimize the losses and offers far greater reward to risk.
Parameters
- The only parameters you need to set are how you would like to notify signal entry alerts and indicator color to suit your chart background.
- It allows you to set alerts, send emails and push notifications.
Trading Strategy:
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Check the screenshots to understand entry/exit rules.
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In my Opinion the indicator works well in lower time frames and especially provides good signals for day trading in 5 and 15 minutes time frames.
- If an entry alert triggered with a big spike in the price, it would be better to avoid trade as reward to risk may not be favorable. Also, remember that if a trade entry signal has appeared after a change of direction in trend, then expect wider swings and tighter stop loss will often be taken out. To understand how you can make the most of the Objective Trend Trading Indicator Demo please refer to the video. Download full Version at https://www.mql5.com/en/market/product/24429 to use on all pairs, indices, commodities etc..
This indicator is not:
- An automated trading system.
- The trade exits are not displayed as various systems can be implemented
- i.e. Trailing Stop
- most recent significant support/resistance to the left of entry point
- Reward to Risk 1:1 or 2:1 or any combination of it.
All the best in your trading!
