Dynamic Trend Signal Metatrader 4 Forex Indicator
Watch the testing video here:
Dynamic Trend Signal Metatrader 4 Forex Indicator
The Metatrader 4 forex indicator Dynamic Trend Signal is a semaphore alert indicator that creates buy/sell arrow signals when its dynamic price channel is broken.
The indicator is essentially made up of a gold line with a magenta downward pointing arrow (sell signal) and a lime-colored upward pointing arrow (buy signal).
The colourful arrows indicate the market's direction, while the gold-hued line, known as the Dynamic Line, serves as a potential support/resistance level (depending on the position of the price bars in relation to the Dynamic Line).
Example Chart
The EUR/JPY H1 chart below displays the Dynamic Trend Signal Metatrader 4 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the Dynamic Trend Signal Metatrader 4 forex indicator's lime-colored upward pointing arrow appears slightly below the candlesticks (bullish trend).
Sell Signal: Sell when the Dynamic Trend Signal Metatrader 4 forex indicator's magenta-colored downward pointing arrow aligns slightly above the candlesticks (bearish trend).
Buy trade exit: Close all buy orders if the MT5 indicator displays a downward pointing magenta arrow during a positive trend, or if price closes below the gold line.
Exit sell trade: Close all sell orders if while a bearish trend is running, the MT5 indicator pops up a lime upward pointing arrow, or watch out for price closing above the gold line.
Tips: The farther the price is away from the gold Dynamic Line, the stronger the trend is.
Conversely, when the price is seen to be floating around the Dynamic Line (gold line), the market is said to be in a choppy state.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Percent dynamic channel, Maximum period for calculate trend), 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 | support/resistance
Installation
Copy and paste the dynamic_trend_cleaned_up.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)
