The Half Trend 1.02 with Arrows indicator for Metatrader 4 is an improved version of the original HalfTrend indicator.
The indicator pops up in the main MT4 chart window as magenta and blue signal arrows.
The Half Trend 1.02 indicator is beginner-friendly and works out of the box.
Buy & Sell Trade Example
- A buy signal occurs whenever the blue buy arrow pops up on the chart.
- A sell signal occurs whenever the magenta sell arrow pops up on the chart.
The Half Trend 1.02 indicator can be used for both trade entry and exit, or as an additional confirmation filter for other strategies and systems.
For scalping and day trading, the indicator performs best during the London and New York trading sessions.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
Free Download
Download the “HalfTrend-1.02.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M1)
The example chart below displays the Half Trend 1.02 mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Half Trend 1.02 indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Signals
Does the indicator repaint? No.
Scalping Strategy: HalfTrend 1.02 with Arrows + XP Points Forex Scalper (MT4)
This scalping strategy combines the HalfTrend 1.02 with Arrows Indicator and the XP Points Forex Scalper Indicator to identify short-term, high-probability trades.
The HalfTrend indicator signals trend direction with blue (buy) and magenta (sell) arrows, while the XP Points Scalper provides fast confirmation of entry points.
This strategy is ideal for 1-minute to 5-minute charts and active intraday scalpers.
Buy Entry Rules
- Wait for a blue arrow from the HalfTrend 1.02 indicator, signaling a bullish trend.
- Confirm with a blue arrow from the XP Points Scalper indicator, indicating a buy signal.
- Enter a buy trade at the close of the candle that confirms both conditions.
- Set the stop loss just below the most recent swing low or a nearby support level.
- Set the take profit at a 1:1.5 reward-to-risk ratio, or exit when the HalfTrend indicator shows a magenta arrow.
Sell Entry Rules
- Wait for a magenta arrow from the HalfTrend 1.02 indicator, signaling a bearish trend.
- Confirm with a red arrow from the XP Points Scalper indicator, indicating a sell signal.
- Enter a sell trade at the close of the candle that confirms both conditions.
- Set the stop loss just above the most recent swing high or a nearby resistance level.
- Set the take profit at a 1:1.5 reward-to-risk ratio, or exit when the HalfTrend indicator shows a blue arrow.
Advantages
- Clear signals for trend direction and entry points.
- Non-repainting indicators, ensuring past signals remain valid.
- Works on multiple currency pairs and short timeframes.
- Combines trend-following and scalping signals for higher probability trades.
Drawbacks
- Requires constant attention and quick execution due to the scalping nature.
- Spread and slippage may reduce profitability, especially on short timeframes.
- Performance may vary across different currency pairs.
- Multiple signals in a short period may lead to overtrading.
Case Study 1
On the EUR/USD 1-minute chart, a blue arrow from HalfTrend appeared, confirmed by a blue arrow from the XP Points Scalper.
A buy trade was entered at 1.1850 with a stop loss at 1.1840 and a take profit at 1.1865.
The trade reached the take profit in 10 minutes, yielding a 15-pip gain.
Case Study 2
On the GBP/USD 5-minute chart, a magenta arrow from HalfTrend appeared, confirmed by a red arrow from XP Points Scalper.
A sell trade was entered at 1.3500 with a stop loss at 1.3520 and a take profit at 1.3480.
The trade reached take profit in 15 minutes, resulting in a 20-pip gain.
Strategy Tips
- Trade during high-liquidity sessions, such as London and New York overlaps.
- Focus on currency pairs with tight spreads, like EUR/USD, GBP/USD, USD/JPY, and AUD/USD.
- Use a higher timeframe (5-min or 15-min) to confirm the overall trend direction.
- Use a trailing stop to secure profits during strong trends.
- Avoid trading during high-impact news events to reduce the risk of stop-outs.
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Download the “HalfTrend-1.02.mq4” indicator for Metatrader 4
