The ALTR Forex Trend indicator for MT4 displays trend direction directly on the candlesticks for the ease of use.
The colored candlesticks will reveal the most likely trend direction.
The basic concept:
- The trend is considered upwards when the candlesticks are colored blue.
- The trend is considered downwards when the candlesticks are colored orange.
Feel free to experiment with the ADX period.
Tip: For scalpers, the most profit can be made during the London and American trading session.
Free Download
Download the “altr-trend-indicator.mq4” indicator for MT4
Indicator Example Chart (EUR/USD M30)
How to trade with it (example)?
Consider to open a long trade as soon as the first blue candlestick gets printed on the trading chart.
Consider to open a short trade as soon as the first orange candlestick gets printed on the trading chart.
Exit the trade whenever an opposite trading signal arrives on the chart, or use your own favorite take profit strategy.
Set a stop loss above or below the candlestick resistance or support.
Feel free to use your own favorite trading method to open and close trades with the ALTR Forex Trend Candlestick 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: K, K stop, K period, ADX period, count bars, color settings & style
Indicator type: trend
Repaint? Does not repaint the colored candlesticks.
Download Now
Download the “altr-trend-indicator.mq4” indicator for Metatrader 4
ALTR Trend Candlestick + Simple Forex Trading System Strategy for MT4
This strategy combines the candlestick pattern detection and trend identification of the ALTR Forex Trend Candlestick Indicator with the straightforward entry and exit signals of the Simple Forex Trading System Indicator.
Together, these tools offer a clear and effective way to trade trending markets by combining price action confirmation with simple signal rules, making it ideal for traders on M15 to H1 timeframes.
What Is This Strategy About?
The ALTR Forex Trend Candlestick Indicator highlights bullish and bearish candlestick patterns that coincide with underlying trend strength, giving traders visual cues for potential reversals or continuation setups.
The Simple Forex Trading System Indicator uses basic moving average crossovers or similar simple signals to provide entry and exit points.
When combined, the strategy ensures trades are taken with both price action validation and system-confirmed momentum.
Buy Rules
Conditions:
- The ALTR indicator identifies bullish candlestick patterns aligned with an uptrend.
- The Simple Forex Trading System Indicator signals a buy, usually via a moving average crossover or a green signal.
Entry:
Enter a buy trade when the bullish candlestick pattern appears and the Simple Trading System confirms the buy signal.
Stop Loss:
Place a stop loss below the recent swing low or below the candlestick pattern low.
Take Profit:
Use a fixed risk-reward ratio such as 1:2 or 1:3, or exit when the Simple Trading System issues a sell signal.
Sell Rules
Conditions:
- The ALTR indicator highlights bearish candlestick patterns within a downtrend.
- The Simple Forex Trading System Indicator gives a sell signal (e.g., moving average crossover down or red signal).
Entry:
Open a sell trade when bearish candlestick confirmation aligns with the system’s sell signal.
Stop Loss:
Set stop loss above the recent swing high or candlestick pattern high.
Take Profit:
Target a minimum 1:2 risk-reward ratio or close the trade once the Simple System signals a reversal.
Advantages
- Combines candlestick price action with simple system signals for better entry precision.
- Easy to understand and implement, suitable for beginner to intermediate traders.
- Helps filter false signals by requiring dual confirmation.
- Effective on multiple forex pairs and commonly used timeframes.
Drawbacks
- It may generate fewer signals due to the need for two confirmations.
- Choppy or sideways markets can still cause some false entries.
- Requires discipline to avoid trading candlestick patterns that do not align with the system’s trend signal.
Conclusion
The ALTR Forex Trend Candlestick + Simple Forex Trading System Strategy provides a balanced approach by combining classic price action signals with straightforward trading system entries.
The ALTR Indicator enhances your understanding of market sentiment through candlestick patterns, while the Simple Forex Trading System offers clear buy and sell confirmations.
This dual confirmation strategy promotes more confident and disciplined trading decisions.
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 altr-trend-indicator.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.
