Trend formation with Trend change signal indicator
Trend Change Signal indicator is one of the strongest indicators to show the direction of the trend. It can also be used for getting signal for the market.
Forex indicators are divided into two categories: corrective and non-corrective indicators
This indicator is a non-corrective indicator set to determine the trend (or reversing the trend) by the previous candlestick shift and hence is one of The best indicators used for lower timeframes.
The Trend Change Signal indicator can also be useful for scalpers. Scalpers in the Forex market are following non-corrective indicators in order to take less risk in their analysis.
Download Trend Change Signal for free:
As you can see in the image above you can start to sell whenever the indicator shows a red line, and vice versa, when the blue lines are appeared, you can enter to buy.
We have highlighted some examples with red squares in the image above.
Please note that It is not recommended to use a single indicator for trading based on that single signal. Try to put the indicators together to filter one each other or try to use it together with your personal strategy. In other words, use this indicator to improve your strategy.
There can also be two ways to exit the trades:
⦁ when the color of the indicator line changes, you can exit the previous trade. This, of course, has a drawback that you may face a loss or smaller profit in market correction and at the time of announcement. and of course It has a good point and that is that you ride a trend or a trade as long as you can and that makes it profitable (this mode has a higher risk).
⦁ Each time the candles crossed the trend line, for example the red line that represents a downtrend, you can stop, you can leave the market and wait for a new position.
We have specified crossover points of the trend line for the indicator by the rectangle in the picture above as an example.
How to spot the trend by the Trend Change Signal indicator?
This indicator can be used at any time frame.
It can determine the market trend by using the trend line that it specifies.
It is better to determine the overall trend of the market using this indicator in timeframes over H1 so that we can determine the big trend.
Installation tutorial in MetaTrader 4:
⦁ To install the indicator in MetaTrader, first click on File from the top of the MetaTrader tab.
⦁ Then select the Open Data Folder menu from the menu opened.
⦁ Open the MQL4 folder to install the indicator
⦁ And then copy and paste in the indicator folder.
⦁ Now close your meta trader and open it again.
In the relevant menu you will see that the indicator has been added to your list of indicators.
Just double-click on it in MetaTrader so that you can call and place it on the chart.
It should be noted that the above training can also be used in MetaTrader 5 the same way as MT4.
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