Flat Trend SMC Metatrader 4 Forex Indicator
The Flat Trend SMC is a trend following forex indicator that consists of 3 moving averages with different periods.
You have the fast moving average, the medium moving average and finally the slow moving average.
All combined together deliver easy to read signal bars in a separate MT4 chart window.
- A green signal bar represents a signal to buy the currency pair.
- A red signal bar represents a signal to sell the currency pair.
- A yellow bar represents a flat currency trend.
For scalping and day trading: Use the Flat Trend SMC during the most volatile trading sessions on low spread currency pairs such as EUR/USD, USD/JPY and GBP/USD.
All default moving average period settings can be fully modified from the indicator’s inputs tab.
It can be used as a standalone scalping indicator or in conjunction with a longer period exponential moving average.
Feel free to experiment with it.
The GBP/USD 1-Hour chart below displays the Flat Trend SMC Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Flat Trend SMC MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy order when the Flat Trend SMC indicator changes color from yellow to green. Place a stop loss below medium term support.
Sell Signal: Initiate sell order when the Flat Trend SMC indicator changes color from yellow to red. Place a stop loss above medium term resistance.
Trade Exit : Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (minutes, MA1 value, MA2 value, MA3 value, MA type) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the flat-trend-smc-indicator.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)