Custom Indicators For MetaTrader 4
This article explains how pullbacks happen in the markets and also why they happen.
Naturally, we will also look at how traders can use pullbacks to their advantage.
This article was written specifically for users of TrendViper trend indicator, but any trader or analyst will find this information useful.
Here is a snapshot of the Australian SPI200 Futures contract on a Daily chart with TrendViper trend indicator. Looking at the screenshot taken on MetaTrader 4 on 17.03.2020, we can see that there was a very clear signal warning investors of the approaching bear market.
The TrendViper indicator is quite a straightforward tool, but it also features some advanced settings that require a bit more attention.
This article will try to reveal the workings of this trend indicator and hopefully make additional configuration easy to understand for everyone.
Here is a quick MetaTrader 4 snapshot of Bitcoin BTCUSD Weekly Chart taken on February 27th 2020.
The indicator’s settings are MA 5 and MA 21 with ADX of 25. The Upper Time frame confirmation filter is switched off.
Here is a snapshot of AUDUSD (Australian Dollar) taken in February with three accurate TrendViper signals present on a Daily chart.
This screenshot was taken on the 26th of February 2020.
Here is a quick snapshot of USDCHF (Swiss Franc) taken in February with a TrendViper signals present on a Daily chart.
In this example we can see that a very good SELL signal has been generated in December.
Here is a quick snapshot of Crude Oil in February with a TrendViper signal on a Daily chart.
We can see that after the signal was generated, there was a slight pullback, which is quite normal and expected.
Then the trend continues to go south for two weeks and move from $58.20 to $49.50.
Our flagship trend-following indicator was updated to version 3.0. In this new version two new options were added.
These options do not change any calculations within the indicator, but they help with visual representation of the trend indicator.
‘The Trend Is Your Friend’ — This mantra and a quick formula to trading success has done wonders for many traders.
What it basically means is that, as a trader, you have greater chances of winning if you follow the trend instead of going against it.
MetaTrader is a trading terminal that is used by hundreds of Forex brokers.
The main reason why it has become so popular is because it is a very stable platform with loads of useful options.