SDL MAM Indicator
SDL MAM Indicator for MT4 plots a slope direction line based on difference between open and closing price of candlesticks to provide forex trend direction.
Description
The SDL MAM indicator for MT4 uses the difference between the opening and closing prices of “n” period to identify the slope. SDL MAM – Slope Direction line provides bullish or bearish market trend direction by the color change of the indicator line. So, forex traders can use this indicator and identify the trend direction easily.
The indicator works well for all types of forex traders and helps scalpers, short and long-term forex traders. Additionally, it works on all intraday chart time fames as well as the daily, weekly and monthly price charts.
SDL MAM Indicator For MT4 Trading Signals
The indicator plots a multi-colored signal line in a separate indicator window with a yellow zero line. Blue indicator line indicates a bullish market condition, while the red line indicates a bearish market. So, the best forex trading strategy using this indicator is to buy and sell based on the color change.
If the indicator line turns blue traders should consider entering buy trades with a stop below the previous swing low. However, traders can book profits and exit the position at an opposite trading signal. Similarly, traders can enter sell positions if the indicator line turns red.
Though the indicator works well, it produces choppy trading signals in a sideways market. So, traders can trade using the crossover of the indicator line and zero line. This provides a respite from the choppy trading signals. Traders can buy if the signal line moves above the zero line and sell if the crossover is to the downward direction.
Conclusion
In summary, the SDL MAM indicator for MT4 is an effective slope based forex trading indicator. For better trading results traders should use additional technical analysis and trade in confluence with other indicators.