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Trend Strength

The Trend Strength indicator for MT4 displays trend direction and strength. Use the trend strength indicator as a standalone indicator or combine it with other technical indicators to improve your trading strategies.

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Description

The Trend Strength indicator for MT4 is a technical analysis tool that detects a financial instrument’s current trend direction and strength. In other words, the indicator helps traders identify the prevailing momentum in a bullish or bearish market condition.

Therefore, the indicator can help traders make objective trading decisions about potential price movement based on the prevailing momentum in the market. So, it is recommended for scalpers, day/intraday, and swing traders.

Features of the Trend Strength Indicator for MT4

The indicator is chart-friendly; it displays the strength of an instrument in a separate window below the chart. The trend strength is in percentages on a scale of 10 to 100%, depicting bullish and bearish momentum in the market. Besides, it uses arrows along with the percentage scale to show the progression in the market momentum.

So, the 10% level on the indicator’s scale depicts the beginning of a possible bullish or bearish trend. As the trend progresses, the indicator measures the market strength and displays it on the scale. Thus, trend strength below the 50% level on the indicator’s scale suggests low bullish or bearish momentum in the market, while above 50% posits strong momentum.

Benefits of Using the Indicator

  • Enhances Trading Decisions: The indicator enables traders to make clear and objective trading decisions, enhancing trading performance. For instance, traders might consider holding a position or trailing the stop loss in a period of high momentum, which indicates a strong bullish or bearish trend. On the other hand, traders might anticipate a potential trend reversal when the price approaches a strong support/resistance level while the indicator signals weak market strength.
  • Enhances Signal Generation: The indicator can also come in handy as an incredible tool that enables traders to identify high-probability trade entry/exit zones. For example, scalpers might avoid opening a buy or sell entry in periods of low market strength, potentially avoiding a ranging market.

Indicator Settings Description

The Trend Strength Indicator for MT4 does not come with 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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