Trend Envelopes Metatrader 4 Forex Indicator
The Trend Envelopes Metatrader 4 forex indicator is a technical tool that is calculated based on a percentage of price change.
It then has the ability to measure if a new trend is forming or if it remains the same, using that percentage as a gauging tool.
The only parameter that is needed for the Trend Envelopes MT4 indicator calculation is the percentage deviation.
The indicator also finds use as a possible support/resistance technical tool.
On the chart it is depicted as a lower boundary light blue line and an orange upper boundary line.
Adjusting the MA period of the Trend Envelopes indicator minimizes the smoothness and it can be tweaked to suits preference.
The USD/JPY H1 chart below displays the Trend Envelopes Indicator Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Trend Envelopes Indicator Metatrader 4 forex indicator forms a lower boundary light blue line, with price bars slightly placed above.
Sell Signal: Go short when the Trend Envelopes Indicator Metatrader 4 forex indicator forms an upper boundary orange line, with the candlesticks placed fairly below.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Trend Envelopes Indicator pops up an orange boundary line above the candlesticks or price is seen to close below the light blue line.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Trend Envelopes Indicator puts on display a light blue line below price bars or the candlestick closes above the orange line.
Tips: The Trend Envelopes indicator works for all forex currency pairs and it also fits well on all time frame charts.
Considering its extreme ease-of-use, newbies stand to also catch trends in the same fashion professional traders do.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (MA_Period, MA_Shift, MA_Method, Applied_Price, Deviation, UseSignal), 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 trend-envelopes-indicator.ex4 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)