TrendLord MT4 Indicator – Free MT4 Indicator
The axiom “Trend is your friend” is a popular saying among professional traders that states a simple truth, but so vital in becoming a successful trader. There are many technical indicators available for determining the trend direction and the strength of the trend, however, most of them will only signal that a trend is in place only after we already have a mature trend put in place. The TrendLord MT4 Indicator will signal a shift in the trend direction as early as possible and it will keep you on the right side of the market until the trend reverses.
The TrendLord MT4 indicator is a trend following indicator that indicates the current market trend as well as providing buy and sell trading opportunities. The TrendLord MT4 indicator shows the current and the historical trend in the form of a histogram (see chart below ). The bullish trend is signaled by the blue area and as the uptrend develops the histogram will tend to extend to the upside, the stronger the trend the higher the histogram will extend to the upside.
The bearish trend is signaled by the red area and as the uptrend develops the histogram will tend to extend to the downside, the stronger the trend the lower the histogram will extend to the downside.
TrendLord MT4 Indicator Settings
The preferred settings for the TrendLord MT4 indicator are the default settings. We’re going to use the period value of 50. Basically, this means that the TrendLord MT4 indicator will indicate the trend direction, plotted in the form of a histogram, only based on the last 50 candles. The TrendLord MT4 indicator can be used on all time frames from the 5-minute chart all the way up to the Monthly time frame.
It’s recommended to use the TrendLord MT4 indicator in combination with other indicators, however, you can still use it as a standalone strategy, but in this case, it’s advised to trade off of the higher time frames, from the 4h time frame and above. The lower time frames are more prone to switch the trend more often and in this regard, the TrendLord MT4 indicator can generate a lot of false signals.
TrendLord MT4 Indicator Strategy and Trading Rules
The TrendLord MT4 Indicator is a very handy and easy to understand trend trading strategy. It uses as a preferred time frame the 4H chart and as its name suggests the basic premise behind this strategy is to trade in the direction of the predominant trend. The benefits of trend trading will be visible once we’re going to highlight few trading examples, but before that, these are the TrendLord MT4 strategy rules:
- Buy Signal: When the TrendLord Mt4 histogram switched from red to blue buy at the market using a protective stop loss below the last candle inside the red histogram. We’re going to use a static take profit of 100 pips for the first half of our position and 200 pips for the second half. Once we take profit on the first half of the trade move SL to break-even.
- Sell Signal: When the TrendLord Mt4 histogram switched from blue to red sell at the market using a protective stop loss above the last candle inside the blue histogram. We’re going to use a static take profit of 100 pips for the first half of our position and 200 pips for the second half. Once we take profit on the first half of the trade move SL to break-even.
TrendLord MT4 Indicator Trade Example
In the chart below, we have the EUR/USD 4H chart and a long trading opportunity is highlighted. Both of our profit targets have been successfully reached and the trade had a very little drawdown. We can also notice that the TrendLord MT4 indicator signaled that a new uptrend will emerge right from the start of the move.
In GBP/USD 4H chart below, we have a short trading opportunity which we want to highlight. In this case, the market only hit our first target and got stopped out at BE on the second half of the trade. This just proves that the TrendLord MT4 indicator is a universal indicator that can be applied to all currency pairs and in the majority of the cases, the first target will be hit if used on the higher time frames.
TrendLord MT4 Indicator – 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 4H for better consistency.
Trend Trading Basics Explained Video Tutorial
Trend Trading Basics Explained Video Tutorial
TrendLord MT4 Indicator Download
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