Half Trend Metatrader 4 Forex Indicator
The Half Trend forex indicator for Metatrader 4 is quite a popular indicator used in many forex systems and trading strategies.
Half Trend is good at predicting the most profitable bull or bear trend.
As you can see from the EUR/USD chart below, the indicator draws a dual colored signal line on the MT4 chart.
A blue signal line represents a bullish trend. Currency traders buy here.
A red signal line represents a bearish trend. Currency traders sell here.
Play with the indicator’s default amplitude settings. This value can be changed from the indicator’s inputs tab.
Half Trend can be used as a standalone buy/sell indicator or together with a technical oscillator (RSI, Slow Stochastic).
Use it for any trading style, including scalping, day trading and swing trading.
For scalping and intraday trading purposes, deploy the indicator during the most volatile trading sessions to yield the best results.
The EUR/USD 1-hour chart below displays the Half Trend Metatrader 4 indicator in action.
Basic Trading Signals
Signals from the Half Trend MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when the Half Trend signal line changes color from red to blue. This is a bullish trend signal. Place stop-loss below short-term support and trail it up to reduce the risk taken.
Sell Signal: Open a sell trade when the Half Trend signal line changes color from blue to red. This is a bearish trend signal. Place stop-loss above short-term resistance and trail it down to reduce this risk taken.
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 (amplitude, alerts) 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 half-trend.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)