Better Trend Lord Indicator
Forex market trend from the best Better Trend Lord Indicator for MT4. Find the trend’s direction for any forex pair.
Description
The Better Trend Lord Indicator is a simple MT4 indicator that tells about the market trend. The indicator plots bar to signify where the trend is heading. Bars come in two colors; red and blue. The blue bars suggest an uptrend, while the red bars mention a downtrend.
It uses Moving Average calculations to plot the bars. These bars move along with the price action and indicate a current trend’s strength. The indicator plots small bars if there isn’t a strong bullish or bearish trend. On the other hand, if there is a strong trend, the indicator illustrates high-size bars.
The good thing is you can use the Better Trend Lord Indicator on any timeframe. However, to avoid market noise, applying the indictor on longer timeframes is best.
How to use the Better Trend Lord Indicator for MT4?
The above USD/JPY H4 chart shows the Better Trend Lord Indicator BUY and SELL signals.
To determine BUY/SELL signals, you have to look at the bars. When the indicator plots blue bars, you can take a long position. Conversely, if there are red bars, you can go short. You can also use a trend-continuation strategy with the indicator. If the indicator is plotting the same color bars, it suggests trend continuation, and you can hold your positions for a longer time. For instance, if the Better Trend Lord Indicator is plotting several red bars, it means there is a strong bearish trend, and you can trade with the trend.
The indicator can also signify a reversal. If the different colored bars appear, you can exit the trade or look for a reversal entry. For example, if you enter a trade on the red bar and the trend continues, but the indicator starts plotting blue bars, you can either take a long position or exit the short one.
It’s important to note that Better Trend Lord Indicator plots all size of bars and move with the price action. So, whenever there are small-size bars, it’s best to wait for the trend to continue and then enter the trade. The other thing to keep note of is the indicator can repaint. It’s always useful to wait for the bars to form and enter the trade. This way even if the indicator repaints, you can limit your risk. Better Trend Lord Indicator doesn’t work well if there are periods of consolidation. It can plot blue and red bars frequently rather than showing strong momentum. So, it’s better to combine other forms of technical analysis like using indicators or chart patterns for further signal confirmation.
Conclusion
The Better Trend Lord Indicator for MT4 plots bars to show trend continuation or a reversal. The indicator is easy to understand and works fine if combined with other indicators. If you want to try the Better Trend Lord Indicator, you can download the indicator for free on our website.