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Alpha Trend Spotter PA

The Alpha Trend Spotter PA indicator for MT4 detects the beginning of a new trend.  The indicator is easy to use and provides clear visual signals when a trend is forming or reversing, making it an invaluable tool for traders looking to capitalize on market trends.

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Description

The Alpha Trend Spotter PA (Price Action) indicator for MT4 is one of the variations of the Alpha Trend Spotter indicators. It is a technical analysis tool that detects potential trend reversal zones and emerging trends based on price action. Thus, the indicator can help Forex traders identify trend reversal and continuation trading opportunities.

The indicator analyzes the market for zones suggesting trend reversal, to identify the possible beginning of a new trend. It works on multiple timeframes from M5 and above, making it suitable for scalpers, day/intraday, and swing traders. Besides, the indicator is also an incredible tool for trading the binary options; it delivers accurate CALL and PUT signals.

Features of the Alpha Trend Spotter PA Indicator for MT4

As stated above, the indicator uses price action to identify the beginning of a new market trend direction. It analyzes the market and displays pink and lime-colored arrows showing the possible direction of a financial instrument. The arrows double as signals for BUY and Sell entries for Forex pairs and binary options.

The lime arrows depict a possible bullish trend (BUY signal), while the pink arrows suggest a bearish move (SELL signal) in the Forex market. Conversely, the lime and pink arrows indicate CALL and PUT signals for binary options trading, respectively.

Benefits of Using the Indicator

  • Early Trend Detection: The indicator can be used as a confluence with other technical indicators or technical analysis to confirm the possible beginning of a new trend.
  • Signal Generation: The indicator automatically generates BUY/SELL signals, which makes it a beginner-friendly tool for Forex trading and binary options.
  • Enhanced Risk Management: Finally, traders can use the opposite signals of indicators to exit trades or trail their profit, which helps protect their capital and lock in profits.

Indicator Settings Description

The Alpha Trend Spotter PA indicator for MT4 does not have customizable settings.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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