The Trend Filter MT4 forex indicator is based on a filtered moving average.
The indicator delivers trend following filtered signals directly on the chart and its signals are very easy to understand and to trade.
The Trend Filter for Metatrader 4 draws a colored line in a separate MT4 window.
Green colored lines indicate the trend is going up and it’s time to open a buy trade position.
Red colored lines indicate the trend is going down and it’s time to open a sell trade position.
Yellow colored lines indicator the trend is range-bound or flat and we wait for new trend direction, we will stick with the current trade position.
The default period for the MA period filter is set to 9, but this value can be tweaked.
Scalpers, day traders and swing traders can benefit from this forex indicator.
Free Download
Download the “trend-filter.mq4” MT4 indicator
Example Chart
The EUR/USD H1 chart below displays the Trend Filter forex indicator in action.
Basic Trading Signals
Signals from the Trend Filter forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open buy position when the indicator draws a green line (bullish trend).
Sell Signal: Open sell position when the indicator draws a red line (bearish trend).
No signal: Yellow line, stick with the current buy/sell trade position.
Trade Exit: Close the open trade when an opposite signal occurs, or use your own method of trade exit.
Download
Download the “trend-filter.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern
Customization options: Variable (Nbars, MA_Period) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Oscillator
Installation
Copy and paste the trend-filter.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)