Dadas True Trend V3.1 Indicator
MT4Dadas True Trend V3.1 Indicator For MT4 plots bullish, bearish, and neutral trends and signals bullish or bearish market trends.
Description
The Dadas true trend V3.1 indicator for MT4 calculates the trend based on higher highs and lower lows. The indicator identifies the trends, classifies them, and labels them as an uptrend, downtrend, and neutral. As a result, this indicator joins the list of indicators that identify the neutral trend and alerts traders to be on the sidelines. This feature helps forex traders to avoid placing trades during a neutral or flat trend and save precious time and money.
Since the indicator identifies bullish, and bearish trends and provides the best entry points and also provides exit points. This indicator is a complete trading system than a simple trend indicator. Though the indicator works well in all intraday time frames, it works much better in the lower time frames.
The indicator is well suited for new and advanced forex traders. New traders can benefit from the extensions which act as stop loss points. However, advanced traders can incorporate the indicator to form complex trading strategies. Additionally, traders can download the indicator for free and install it easily.
Dadas True Trend Indicator V3.1 Trading Signals
The above EURUSD M30 candlestick price chart shows the Dadas true trend V3.1 indicator for MT4 in action. The indicator shows the uptrend in blue, the downtrend in red, and the neutral as dark khaki. Furthermore, the indicator plots the bullish extensions as blue and bearish extensions as red.
If the indicator plots a blue line below the price, with no red line above it. Forex traders should enter a buy position with a stop loss below the previous swing low or at the previous blue extension line. The indicator does not provide a profit target so traders should exit with a good risk-reward ratio or at an opposite trading signal.
Similarly, in a bearish trend, the indicator plots a red line. So, forex traders should place a sell trade and enter the market with a stop loss above the previous swing high. A word of caution, forex traders should avoid entering the market if the indicator plots a neutral trend line. It is also better to exit any open positions at the sight of a neutral trend line as a precaution.
The special feature of this indicator is that it does not use any complex strategies and calculations to identify the trend. Only the price movement in terms of higher high and lower low formations is considered to identify the trend.
Conclusion
The Dadas true trend V3.1 indicator for MT4 does not apply complex formulas. Instead, it relies purely on the price action using the higher highs and lower lows to identify the trend. So, it provides a pretty straightforward reflection of the trend and helps the forex trader to identify the bullish and bearish trends and to buy or sell accordingly.
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