The Brain trend MT4 indicator identifies the bullish and bearish forex market trends. Effectively, it acts as trend reversal indicator and provides entry and exit signals. Moreover, the trading signals act a support and resistance levels. Technically, the indicator combines RSI, MACD and ADX to provide the trading signals.
Features Of Brain Trend MT4 Indicator
The indicator plots blue dotted lines below the current market price in a bullish trend. Similarly, red dots above the current market price indicate the beginning of a bearish market trend.
Traders should initiate a buy trade as price continues to move higher than the blue dotted lines and place a stop loss below them. On the other hand, traders should enter sell positions below the red dots with a stop above them. Traders can look to book profits once the indicator signals an opposite trading signal.
The indicator works on all chart time frames. For better results traders should trade in the direction of a higher time frame and look for entry points in the lower one. This enables traders with best technical analysis and helps traders to stay in the direction of a higher time frame trend.
Benefits Of Brain Trend MT4 Indicator
The indicator helps forex traders to identify the beginning of a new trend and end of an existing trend. So, it is best suitable forex trend traders. The signals tend to work better in the higher time frames. So, the indicator may not be profitable for scalpers. However, the indicator works well for short and long-term forex traders.
The indicator acts as stand-alone trading system with entry and exit levels. However, traders can use this indicator to formulate auto trading strategies or as additional confirmation of the trading signal of other technical indicators.
Indicator Settings Description
NumBars: Number of previous history bars for indicator calculation.
EnableAlerts: Turn on alerts.