The Alfa Trend Spotter Forex indicator for Metatrader 4 identifies trend reversals with 70% accuracy or better.
After loading the indicator to the chart, Alfa Trend Spotter will appear in the form of colored green and red bars.
Key Points:
- A green Alfa Trend Spotter bar represents a buy signal.
- A red Alfa Trend Spotter bar represents a sell signal.
It’s a simple as that!
For scalping the lower time frames, it’s advised to use the indicator in the London and U.S. trading sessions for best performance.
Free Download
Download the “alpha-trend-spotter.mq4” indicator for MT4
Indicator Example Chart (USD/JPY H1)
How to trade with it (example)?
Open a new long trade as soon as the green Alfa Trend Spotter bar gets printed on the chart.
Open a new short trade as soon as the red Alfa Trend Spotter bar gets printed on the chart.
Exit the trade when an opposite trading signal appears on the chart, or for a fixed profit target of your preference.
Utilize a short-term stop loss to minimize your losses.
Feel free to use your own favorite trading method to open and close trades with the Alfa Trend Spotter Forex indicator.
Indicator Specifications
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Input Parameters: Daily period, color settings & style
Indicator type: trend reversal
Repaint? Does not repaint the colored green and red bars.
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Download the “alpha-trend-spotter.mq4” indicator for Metatrader 4
Installation:
Open the Metatrader 4 platform
From the top menu, click on “File”
Then click on “Open Data Folder”
Then double click with your mouse button on “MQL4”
Now double click on “Indicators”
Paste the alpha-trend-spotter.mq4 indicator in the Indicators folder.
Finally restart the MT4 platform and attach the indicator to any chart.
How to remove the indicator?
Click with your right mouse button in the chart with the indicator attached onto it.
Select “Indicator List” from the drop down menu.
Select the indicator and press delete.
How to edit the indicator’s inputs and parameters?
Right click with your mouse button in the chart with the indicator attached onto it.
From the drop down menu, click on indicators list.
Select the indicator from the list and press edit.
Now you can edit the indicator.
Finally, press the OK button to save the updated configuration.