The Trend Direction V2 Indicator is a trend-following MetaTrader 4 (MT4) technical tool that shows the trend direction of an instrument. It employs the Lime and red histogram bars to show the trend direction of the market. The lime-colored histogram bars indicate a bullish trend, while the red bars signify a downtrend.
The indicator would help traders trade in line with the trend direction of the market. It would also be a valuable trading asset to assist beginner traders in trend identification. Furthermore, the indicator would be instrumental as a confluence for scalpers and day/intraday traders to detect an imminent change in the market condition.
Features of the Trend Direction V2 Indicator
The histogram bars of the indicator are displayed above and below the zero line to indicate the market direction. So, a trend is bullish when the lime histogram bars are painted above the zero line, which suggests that traders are to look for buying opportunities only.
Similarly, the indicator suggests a bearish trend market direction when the red histogram bars are plotted below the zero line, indicating an ideal trend to look for selling opportunities.
Furthermore, the indicator’s parameters are not open for customization. However, traders may change the color of the histogram bars to any color of preference.
Benefits of the Indicator
- Trend Identification: The indicator would help a trader to easily spot when the market trend changes from uptrend to downtrend and vice-versa.
- Confluence: The indicator is also a reliable confluence for trend traders to know when to open a trade position, hold a running trade, or exit a trade.
Indicator Description Settings
The Trend Direction V2 Indicator does not support the customization of the parameters. However, the “Allow DLL imports” tab must be ticked after installation.
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