Today Trend Indicator for MT4

0
1015
Today Trend Indicator

Introduction to the Today Trend Indicator

The Today Trend Indicator, developed by Jason Rivera, is a technical indicator intended to help day traders identify the trend direction for the day based on an underlying Daily Pivot Point. This should give traders an idea where price may generally move within the day.

What is the Today Trend Indicator?

The Today Trend Indicator is a custom technical indicator which indicates the probable trend for the day. It does so by plotting a blue arrow pointing up to indicate a probable bullish trend for the day and a red arrow pointing down to indicate a probable bearish trend for the day. It also plots a yellow green line to indicate the area where the trade should be opened and a red line to indicate the area where the stop loss should be placed.

Today Trend Indicator for MT4

How the Today Trend Indicator Works?

The Today Trend Indicator uses an algorithm that incorporates the Daily Pivot Points as well as its corresponding first and second support and resistance levels to identify the probable trend direction. It does so by comparing the open of price with the high, low, as well as the support and resistance levels to identify probable trend directions.

How to use the Today Trend Indicator for MT4

This indicator has a few options which can be modified within its indicator settings.

“PROFIT_TARGET” modifies the distance between the red and yellow green lines.

“SHOW_TARGET” toggles the yellow green line on or off.

“SHOW_REVERSAL” toggles the red line on or off.

How the Today Trend Indicator Works

This indicator is best used in confluence with the trend direction. As such, traders can add a moving average line such as a 50-bar Simple Moving Average (SMA) to filter for trend direction. Traders could then take a trade in the direction of the potential trend with the assumption that price will breakout in the direction of the yellow green line and in the direction of the trend.

Buy Trade Setup

When to Enter?

Open a buy order on the confluence of price action being above the 50 SMA line and a blue arrow pointing up. Set the stop loss below the red line.

When to Exit?

Close the trade as soon as the Today Trend Indicator plots a red arrow pointing down.

How to use the Today Trend Indicator for MT4 - Buy Trade

Sell Trade Setup

When to Enter?

Open a sell order on the confluence of price action being below the 50 SMA line and a red arrow pointing down. Set the stop loss above the red line.

When to Exit?

Close the trade as soon as the Today Trend Indicator plots a blue arrow pointing up.

How to use the Today Trend Indicator for MT4 - Sell Trade

Conclusion

The Today Trend Indicator can be a useful signal indicator when used in confluence with the trend direction. However, it does tend to produce false signals whenever the trade direction it indicates goes against a clearly trending market. This is why it can be useful to add a prominent moving average line such as the 50 SMA line to filter for trend direction. Doing this makes the Today Trend Indicator more accurate and effective.

Recommended MT4/MT5 Brokers

XM Broker

  • Free $50 To Start Trading Instantly! (Withdraw-able Profit)
  • Deposit Bonus up to $5,000
  • Unlimited Loyalty Program
  • Award Winning Forex Broker
  • Additional Exclusive Bonuses Throughout The Year

XM broker

>> Sign Up for XM Broker Account here <<

FBS Broker

  • Trade 100 Bonus: Free $100 to kickstart your trading journey!
  • 100% Deposit Bonus: Double your deposit up to $10,000 and trade with enhanced capital.
  • Leverage up to 1:3000: Maximizing potential profits with one of the highest leverage options available.
  • ‘Best Customer Service Broker Asia’ Award: Recognized excellence in customer support and service.
  • Seasonal Promotions: Enjoy a variety of exclusive bonuses and promotional offers all year round.

fbs broker

>> Sign Up for FBS Broker Account here <<

 

Upgrade

(Free MT4 Indicators Download)

Click here below to download:

Today Trend Indicator for MT4

Get Smarter About Forex Trading Using Indicators

Join 100,000+ subscribers and get our 5 min daily newsletter on what matters in forex.

We do not sell or share your information with anyone.

LEAVE A REPLY

Please enter your comment!
Please enter your name here