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Super Trend

The Super Trend indicator for MT4 is a trend-following indicator that defines the market trend.

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Description

The importance of trading in line with the overall market trend outweighs trading in an undefined market condition. Trading in the direction of the market trend makes technical analysis/trade entry less complicated and increases the chance of identifying a high-probability trade setup.

However, the financial market is dynamic, which makes some traders (e.g., beginners) need help to keep a tab on the ever-changing market trend. Therefore, the Super Trend Indicator is simply a MetaTrader 4 (MT4) trend analyzer developed to help traders keep a tab on the market trend. The indicator defines the market trend and detects trend reversal zones.

How does the Super Trend work on MT4?

The Super Trend indicator for MT4 displays a lime-colored line below the candlesticks when the market is in an uptrend. Therefore, it continually draws the Lime-colored line as long as the trend remains bullish. Similarly, a red line would be displayed above the candlestick, implying a downtrend.

Conversely, the indicator signals an imminent trend reversal when it paints an opposite line on the chart. In a bullish trend, for instance, a trader may look for a selling opportunity when the red line is displayed.

Features of the Indicator

The Super Trend indicator works with the past price action in the market to determine the market direction. It functions with the Average True Range (ATR) data and the moving average to define the market trend and spot reversal zones.

Furthermore, the indicator supports multi-time frame analysis. It also enables users to adjust the parameters to suit

Benefits of Using the Indicator

  1. Identifies Market Trend Direction: The Super Trend indicator shows the trend condition of the market, thereby assisting traders in decision-making.
  2. Confluence: The indicator can be combined with price action/other technical indicators to refine an entry zone to open a BUY/SELL position.
  3. Trade Management: The indicator also serves as a signal to trail a stop loss or close a running position. For instance, a trader may close a running trade when it signals a trend change, especially at a significant support/resistance level.

Indicator Description Settings

The indicator comes with the following customizable settings:

Nbr_Periods: This shows the period of the indicator.

Multiplier: Determines the distance between the indicator’s lines and the candlesticks.

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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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