Trend Strength Indicator
Best arrow paint indicator. Trend strength indicator for MT4 – download free. Forex momentum signal indicator.
CATEGORIES: TREND, MT4, SIGNAL, INFORMATIONAL
Updated on: 26.10.2023
The Trend Strength indicator for MT4 is a momentum indicator that shows the strength of a Forex trend. This tool can help you as a Forex trader to keep a tab on the momentum of the market. It gives a clearer picture of the market’s biases – be it uptrend, downtrend, or ranging.
Some Forex traders (especially the technical traders) find it somewhat difficult to identify the strength or weakness of a trend. Without such vital knowledge, a trader is bound to struggle! With this Trend Strength indicator, you have little to worry about the movements of the market. This is because it automatically analyses and displays the momentum of the trend.
Hence, you can interpret and make informed trading decisions in sync with the displayed result. This indicator helps you to know when to open a trade, hold a position, or exit depending on the market condition. So essentially, this indicator is designed to reflect the direction of the trend and its strength as well.
How to Trade with the Trend Strength Indicator for MT4
This indicator is trend following. It is pretty easy to install and use. It shows you the strength of a trend in percentages which ranges from 10-100%. The indicator is built with green and red arrows (both at 10% by default) to indicate the beginning of a new trend. It paints new arrows marked in percentage as the trend progresses.
The green arrows indicate that the chart is in an UPTREND which is also known as BUY signal or LONG. Conversely, the red arrows signify a DOWNTREND, i.e. the market is selling or a SHORT signal.
For instance, the Forex chart above obviously shows that the market is in a STRONG uptrend. This implies that there is high momentum in the market and bears are in control. Suffice it to say that this indicator makes trend monitoring convenient because it does all the technical analysis in the background and displays the results in percentages.
You can use this indicator as a confluence with any strategy when trading the financial market. It gives you the confidence to hold onto a trade by merely looking at the percentage increase on the dashboard of the indicator. It also comes in handy for detecting ranging markets. This suggests that the indicator is beneficial to all types of traders – experienced, novice, swing, and intraday traders.
Conclusion
The Trend Strength Indicator for MT4 should be one of the indicators on your chart if you want to effortlessly monitor the momentum of the trend. It helps you to know the strength of the trend at a glance. It is free to download and doesn’t interfere with your charts.
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