The Alpha Trend Spotter free indicator is a moving average based forex trading indicator. It provides bullish and bearish forex trading signals based on the crossover of the 5 period daily moving averages and 1 period weekly moving average.
Features of Alpha Trend Spotter Free MT4 Indicator
The indicator plots histogram bars in orange, green and red. Orange indicates a neutral market trend. The green histogram represents a bullish price trend, while the red indicates a bearish trend.
The indicator works using the classic moving average calculation. In fact, the indicator uses a 5 period daily moving average and a one period weekly moving average. The crossover of these moving averages provides the trading signals. These trading signals are shown as the colored histogram bars.
Since the indicator uses the moving averages, traders can adjust the period in the input settings to accommodate to their trading styles. During a high volatility price movement, forex technical traders can increase the daily period to 10 instead of the default 5. This helps traders to accommodate the additional volatility.
Benefits of Alpha Trend Spotter Free MT4 Indicator
In fact, the indicator helps forex traders to identify the price trend on a higher time frame. Once traders technically identify the trend direction they can move to lower time frame charts to look for better entry points. As a result, traders tend to stay in the trend direction of higher time frame. This enables traders to enter rewarding trades.
Though the indicator uses the daily and weekly price data to calculate the moving averages, it shows the histogram on all chart time periods. So, traders can see the histogram bars in all intraday charts and daily, weekly and monthly price charts. This benefits all types of traders.
Indicator Settings Description
Daily Periode: Period for daily moving average calculation.
Reviews
There are no reviews yet.