Alpha Trend Spotter Price Action Indicator

Alpha Trend Spotter Price Action Indicator

The Alpha Trend Spotter Price Action Indicator for MT5 provides forex trading signals based on the moving average crossover of 3-period daily and 1-period weekly price charts.

The Alpha Trend Spotter Price Action Indicator for MT5 provides long-term forex trading signals using daily and weekly moving average levels. Trading signals are based on the intersection of 3-period daily moving averages and 1-period weekly moving averages. They can be plotted on the current chart.

The indicator is easy to use and useful for both new and experienced Forex traders. Moreover, it works on all price charts, including intraday price charts up to the highest time frame. Trading signals are based on weekly and monthly values.

Thus, it is effective for long-term Forex technical analysis. However, day traders can display the indicator on lower time frames and use them to determine the main direction of the trend.

Alpha Trend Spotter Price Action Indicator For MT5 Trading Signals

The indicator displays green bullish stars and purple bearish stars in a separate indicator window. The trading strategy is to enter the market when green and purple stars appear. Essentially, the day-week crossover acts as the best trend indicator. Moreover, it helps traders stay in one direction for a longer period of time and avoid smaller fluctuations.

If a green star appears, traders should enter the market with a buy trade and place a stop loss below the previous swing low. Likewise, when a purple star appears, traders should enter a sell position with a stop above the previous high. The best trading strategy for taking profits is to exit when there is an opposite trading signal or when there is a good risk/reward ratio.

Conclusion
Thus, the Alpha Trend Spotter Price Action Indicator for MT5 is an excellent indicator. This is effective for long-term Forex traders using moving average crossovers.