The Trend Wave Forex Signals indicator for Metatrader 4 is a popular technical tool that straightforwardly delivers high-probability trading signals.
The indicator will assist you in making informed buy and sell trade decisions.
It can also be used as a trend confirmation indicator that works together with an existing trading strategy or system of your preference.
Buy & Sell Trade Example
- Initiate a buy order when the blue Trend Wave dot appears on the chart.
- Initiate a sell order when the yellow Trend Wave dot appears on the chart.
The indicator is very reliable, lightweight, and will not slow down your trading platform.
Free Download
Download the “TrendWave.mq4” indicator for MT4
Indicator Chart (EUR/USD H4)
The example chart below displays the Trend Wave Forex Signals mt4 indicator in action on the trading chart.
Trading Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method when trading with this signals 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: Trend
Does the indicator repaint? No.
Forex Day Trading Strategy MT4: Trend Wave Dots + Gann Trend Oscillator
This day trading strategy combines the Trend Wave Forex Signal Indicator MT4 with the Gann Trend Oscillator MTF Indicator MT4 to give traders clear entry points with trend confirmation.
The Trend Wave indicator generates simple dot signals on the chart: a blue dot suggests a potential buy, while a yellow dot signals a potential sell.
These dots indicate possible reversals or continuation points in the market.
The Gann Trend Oscillator shows colored bars to indicate trend direction, with blue bars for bullish trends and violet bars for bearish trends.
Combining the two ensures that trades are taken only when both the timing and trend align.
This strategy is designed for day traders who focus on intraday moves rather than holding positions overnight.
It works best on 15-minute or 30-minute charts of major currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD.
Buy Entry Rules
- The Gann Trend Oscillator shows blue bars, indicating a bullish trend.
- The Trend Wave indicator places a blue dot on the chart.
- Open a buy trade immediately when both conditions are true.
- Stop loss: Place a few pips below the recent swing low or support level.
- Take profit: set a target about 1.5× the stop loss risk or exit when the Gann bars turn violet or the Trend Wave gives a yellow dot.
Sell Entry Rules
- The Gann Trend Oscillator shows violet bars, indicating a bearish trend.
- The Trend Wave indicator places a yellow dot on the chart.
- Open a sell trade when both are aligned.
- Stop loss: a few pips above the recent swing high or resistance level.
- Take profit: target about 1.5× risk or exit when the Gann bars turn blue or the Trend Wave gives a blue dot.
Advantages
- Dual confirmation using trend direction and entry signals increases the probability of successful trades.
- Works well on 15-minute and 30-minute charts, offering multiple trading opportunities per day.
- Helps traders avoid false entries during low-trend or choppy markets.
- Simple rules make it suitable for beginners while remaining effective for experienced traders.
- Adaptable to multiple major currency pairs with high liquidity.
Drawbacks
- Day trading requires constant attention and quick decision-making.
- Stop losses may be triggered by sudden spikes or low-volume noise, even in trending markets.
- Not suitable for traders who prefer long-term swing or position trading.
Case Studies
Case Study 1: GBP/USD 15-Minute Chart
The Gann Trend Oscillator showed blue bars, confirming a bullish trend. Shortly after, the Trend Wave indicator placed a blue dot.
A buy trade was opened at 1.2900 with a stop loss at 1.2890 and a take profit at 1.2915.
Price moved upward during the London session and reached the target, illustrating how combining trend confirmation with entry signals works effectively.
Case Study 2: AUD/USD 30-Minute Chart
The Gann bars turned violet, indicating a bearish trend.
The Trend Wave then placed a yellow dot.
A sell trade was entered at 0.6700 with a stop loss at 0.6712 and a take profit at 0.6688.
Price trended down and hit the target before momentum faded, demonstrating the effectiveness of aligning Trend Wave dots with the Gann trend oscillator.
Strategy Tips
- Use 15-minute or 30-minute charts for clearer signals and better timing.
- Only enter trades when the Trend Wave dot matches the Gann bar direction. Skip trades when they disagree.
- Exit early if the Gann bar color changes or an opposite dot appears.
