Trendbar Metatrader 4 Forex Indicator

The Trendbar forex indicator for Metatrader 4 is composed of ADX and PSAR (Parabolic Sar).

The indicator displays the prevailing trend for any currency pair and timeframe.

There are 3 possibilities:

  • A green small box represents a bullish trend.
  • A red small box represent a bearish trend.
  • A yellow box represents a flat trend.

Basics:

All boxes colored green represent a strong bullish trend. All timeframe’s are bullish.

All boxes colored red represent a strong bearish trend. All timeframe’s are bearish.

A mix of green and yellow boxes represent a weak uptrend.

A mix of red and yellow boxes represent a weak downtrend.

A mix of red, green and yellow boxes represent a range-bound market.

Free Download

Download the gg-trendbar.mq4” MT4 indicator

Example Chart

The EUR/USD 1-hour chart below displays the Trendbar Metatrader 4 indicator in action.

Basic Trading Signals

Signals from the Trendbar MT4 indicator are easy to interpret and goes as follows:

Buy Signal: Open buy position when ALL MT4 trend boxes are colored green. Place a stop-loss below the previous swing low price.

Sell Signal: Open sell position when ALL MT4 trend boxes are colored red. Place a stop-loss above the previous swing high price.

Trade Exit : Use your own method of trade exit.

Download

Download the gg-trendbar.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (ADX period, ADX price, step Psar) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: trend

Installation

Copy and paste the gg-trendbar.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)

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