The EWTrend indicator for MT4 (Metatrader 4) is a standalone trend trading indicator that delivers good results for scalpers.
The indicator appears in a separate MT4 chart window as a blue signal line that oscillates between the -2 and 2 extreme borders.
The EWTrend indicator can be used in various ways.
Trade Idea
- Initiate a buy scalper trade whenever the indicator jumps back above the 0.00 level.
- Initiate a sell scalper trade whenever the indicator jumps back below the 0.00 level.
The indicator can be used for both trade entry and exit or to confirm trading signals issued by your own strategy.
For scalping and day trading purposes, the indicator tends to produce the best results in the London and U.S. trading sessions.
The EWTrend indicator works equally well on all assets (Forex, CFD stocks, Indices, Cryptocurrencies, Commodities, etc.) and shows promising results if used correctly.
Free Download
Download the “ewtrend-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD H1)
The example chart below displays the EWTrend mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit strategy to trade with the custom built EWTrend Forex 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: Scalping
Does it repaint? No.
MT4 Day Trading Strategy: EW Trend & ZWinner Trend
This day trading strategy combines the EW Trend Indicator and ZWinner Trend Indicator for MT4 to identify high-probability trade setups.
The EW Trend Indicator helps determine trend direction based on readings: bullish when above 1.5 and bearish when below -1.5.
The ZWinner Trend Indicator confirms trend strength.
This strategy works best on M5 and M15 charts and is ideal for day traders seeking precise entries and exits.
Buy Entry Rules
- Check that the EW Trend Indicator reading is above 1.5, indicating a bullish trend.
- Confirm that the ZWinner Trend Indicator shows a green bar, indicating upward momentum.
- Enter a buy trade at the close of the confirming candle.
- Place the stop loss below the most recent swing low (e.g., risking 20 pips).
- Set a take profit at twice the risk or exit when the ZWinner indicator shows a red bar.
Sell Entry Rules
- Check that the EW Trend Indicator reading is below -1.5, indicating a bearish trend.
- Confirm that the ZWinner Trend Indicator shows a red bar, indicating downward momentum.
- Enter a sell trade at the close of the confirming candle.
- Place the stop loss above the most recent swing high (e.g., risking 20 pips).
- Set a take profit at twice the risk or exit when the ZWinner indicator shows a green bar.
Advantages
- A clear trend direction based on the EW Trend reading reduces confusion.
- Confirmation from ZWinner improves entry accuracy.
- Can be applied to multiple currency pairs and timeframes.
- Well-defined stop loss and take profit levels simplify risk management.
Drawbacks
- May produce false signals during sideways or choppy markets.
- Requires active monitoring for timely entries and exits.
Example Case Studies
Case Study 1: EUR/USD (5-Minute Chart)
The EW Trend Indicator reading reached 1.6, signaling a bullish trend.
The ZWinner Trend Indicator displayed a green bar, confirming upward momentum.
A buy trade was entered at 1.2000, with a stop loss at 1.1980 (20 pips risk) and a take profit at 1.2040 (40 pips target).
The price moved upward, hitting the take profit target successfully.
Case Study 2: GBP/USD (15-Minute Chart)
The EW Trend Indicator reading dropped to -1.7, signaling a bearish trend.
The ZWinner Trend Indicator displayed a red bar, confirming downward momentum.
A sell trade was entered at 1.3100, with a stop loss at 1.3125 (25 pips risk) and a take profit at 1.3050 (50 pips target).
The price declined and reached the take profit target, resulting in a profitable trade.
Strategy Tips
- Combine this strategy with support and resistance levels for stronger entries and exits.
- Monitor multiple timeframes: check higher timeframes (H1/H4) to understand the overall trend direction.
- Keep sessions focused on the most active trading hours for each currency pair to improve execution and reduce slippage.
- Consider using trailing stops once the trade moves in your favor to lock in profits.
- Start with smaller position sizes while you build confidence with the strategy before scaling up.
Download Now
Download the “ewtrend-indicator.mq4” indicator for Metatrader 4
