Are you a trader whose strategy is highly dependent on trends? If so, then you need the Trend by Angle Indicator. Its main purpose is to show the strength of the trend.
Features of the Trend By Angle Indicator
The Trend by Angle indicator for MetaTrader is a custom indicator for forex trading. It illustrates several slopes with varying angle degrees. It creates several trend lines at an angle showing the market’s current trend and strength.
When the market is bullish, it displays a dodger blue trend angle; when it is bearish, it shows a red trend angle. This means that the indicator makes it simple to recognize the market’s trend bias and to trade in that direction.
Moreover, you can apply this technical indicator to swing, day/intraday, and scalping trading strategies. Additionally, anyone can use this indicator, whether new, intermediate, or expert traders.
How the Indicator Can Benefit You
You can incorporate this indicator into your trading strategy as it shows a trend’s strength, allowing you to maximize profits on solid moves. It is common among traders to trade with the trend. Therefore, you should take long positions when the indicator shows a strong uptrend. Conversely, you should take a short position when the indicator shows a strong downtrend. However, you can’t use this indicator in isolation. You need to use it with other tools to increase your accuracy.
Indicator Setting Description
Cycle: This input allows you to change the number of points or units of price movement the indicator uses for calculation.