Mouteki Demark Trend Metatrader 4 Forex Indicator
The Mouteki Demark Trend Metatrader 4 indicator is an advanced version of the traditional Demark forex indicator.
This indicator draws major trend lines based on the the most important high and low prices found on the activity chart.
In the upper left part of the trading chart, the Mouteki Demark Trend MT4 indicator provides traders with possible breakout prices and accompanied targets for both up trend lines and down trend lines.
It is a great indicator to trade purely price action trend line signals without lag.
You can apply this indicator to any currency pair and timeframe.
The USD/JPY M15 chart below displays the Mouteki Demark Trend forex indicator in action.
Basic Trading Signals
Signals from the Mouteki Demark Trend forex indicator are easy to interpret and goes as follows:
Buy Signal: Open buy order when price closes above the upper red colored resistance trend line.
Sell Signal: Open sell order when price closes below the lower blue colored support trend line.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (showBars, LevDP, qSteps, startBar, TrendLine, ChannelLine) 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 mouteki-demark-trend-indicator.mq4 indicator 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)