Kolier SuperTrend Indicator
Try the Kolier SuperTrend indicator for MT5. Trend following indicator. Trend reversal indicator for MT5. Dynamic support and resistance indicator.
Description
The Kolier SuperTrend Indicator for MetaTrader is a trend tracking system designed to identify potential trend reversal zones. The indicator is built with technical limitations to calculate the median and average true range (ATR) of the price to identify high probability reversal points.
The Kolier SuperTrend indicator is a very good tool for both scalpers and day/intraday traders. Moreover, new forex traders will find it invaluable due to its simplicity and efficiency. On the other hand, experienced traders will find it handy for converging trade setups and exits.
What is a non repainting indicator?
Indicators without repaint refer to indicators that change (recolor) the position of the set signal (for example, the arrow) to another position in favor of price movement. Such sets of indicators are unreliable because they can generate false signals.
Does the Super Trend indicator repaint?
The Super Trend indicator does not repaint; signals remain in the same place, do not repaint and do not disappear. This is because it does not take into account the data of the current candle. However, it uses closed candle data to suggest a potential reversal level.
Kolier SuperTrend Indicator BUY/SELL Signals
The screenshot above shows how the Kolier SuperTrend indicator will look on your chart once installed. It also shows how to use the indicator to enter a trade with a high probability of winning.
The Kolier SuperTrend indicator has arrows and lines colored in BLUE and RED. The blue arrow and dotted lines are bullish, while the red arrow and lines are bearish.
The indicator is effective and can be used as an independent indicator. However, price action is recommended to be used in conjunction with an indicator in order to make better trades. To this end, the above BUY/SELL annotations were also based on price action.
BUY setup: wait for the indicator to draw a blue arrow and dotted lines, then enter a BUY/LONG position after the price gives you a bullish confirmation. The above BUY examples were valid after a bullish engulfing candlestick pattern formed.
SELL setup: wait for the indicator to draw an arrow and dotted lines, and then enter a SELL/SHORT position after confirmation by price action. The above SELL setup was also valid after the formation of a bearish pin bar.
Ensure the maintenance of realistic Take Profit and Stop Loss; a risk to reward ratio of 1:2-3 is achievable. In addition, you can also track your profit when a trade starts to go in your favor.
Conclusion
The Kolier SuperTrend indicator for MT5 generates fewer setups but with a high probability of winning because it does not repaint. The indicator is not prone to too many false signals like other redraw indicators, which provides better trading setups. Moreover, it can be downloaded for free.