Brain Trend Indicator MT4 | Free Download
The Brain Trend Indicator MT4 is a custom trend indicator that also works as a dynamic support and resistance level indicator.
This indicator can be used for short term scalping in the markets.
The beauty of the Brain Trend Indicator is that it can also complement your existing trading systems by way of plotting the support and resistance levels easily on the price chart.
When to go long using the Brain Trend Indicator?
Take a long position in the market, when you see price breaking out above the recent resistance level that was plotted from the Brain Trend Indicator.
When to Exit your long positions?
Using the previous brain trend levels, make use of the recent upper levels that are plotted.
These can be either past support or resistance levels. Use this level to set your take profit for long positions.
When to go short using the Brain Trend Indicator?
Take a short position in the market, when you see price breaking out below the recent support level that was plotted from the Brain Trend Indicator.
When to exit your short positions?
Using the previous brain trend levels, make use of the recent lower levels that are plotted.
These can be either past support or resistance levels.
Use this level to set your take profit for short positions.
Where to set the stop loss?
You can set your stop loss to the recent high that formed before you entered the market with a short position or the recent low that formed for long positions.
The Brain Trend Indicator is simple support and resistance based indicator.
This indicator plots the price trends, as you can see.
The formation of lower resistance levels or higher support levels basically indicates what the underlying trend is in the market.
How to Increase Your Winning Ratio with Brain Trend Indicator?
When you add the True Strength Index Indicator and use it together with a proven trend trading system like the Elite Swing Trader or Simple Trend Trading System, you can only expect to achieve a better win ratio and better risk-reward ratio.
Recommended Time Frames
Technically speaking, you can use this MT4 indicator for all time frames.
However, the shorter the time frame, you will see more fluctuation and possibly more whipsaw which may cause small losses that can eat up your portfolio quickly.
We recommend that you use higher time frames like the H4 or even higher for better consistency.
How to Install Custom Indicators on MT4 on Windows
How to Install Custom Indicators on MT4 on Mac OS
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