PET-D Indicator
MT4Also Available for MT5PET-D indicator for MT4 detects early Bullish and Bearish trend changes and provides BUY and SELL forex trading signals.
Description
The PET-D indicator for MT4 detects early price trends and trend reversal points of the market. So, forex traders can use the color change of indicator as forex trading signals. The indicator is very simple and effective in identifying entry and exit points. PET-D Primo Early Trend Detector indicator derives its name from its designer Steven Primo.
The indicator works well for new and advanced forex traders. The bar color change acts as BUY and SELL forex trading signals and can be traded easily by new forex traders. On the other hand, advanced traders can use the trend information and apply other technical indicators, and trade with confluence. The indicator works well in all intraday price charts as well as the daily, weekly, and monthly charts.
PET-D Indicator For MT4 Trading Signals
The above EURUSD Daily price chart shows the PET-D indicator for MT4 in action. The indicator shows the Bullish bars in GREEN and Bearish bars as RED.
If the price is in a Bullish trend the indicator changes the bar color to GREEN. So, forex traders can enter the markets with a BUY position based on the Bullish bar. The best method to place a stop loss for this position would be below the previous swing low. However, the best position to book profit is the opposite trading signal of the indicator.
Similarly, the change of bar color from GREEN to RED indicates the beginning of a Bearish market trend. So, forex technical traders can switch to a bearish trading strategy and place a SELL trade. A stop-loss above the previous swing low will be good enough to protect the position. On the other hand, technical traders can book profits at the opposite trading signal as it indicates the end of the current trend. Alternately, if the position reaches a good risk to reward ratio, forex traders can book profits.
The indicator is best for top-down technical analysis. As price trends in larger time frames tend to stay longer and produce a healthy risk-reward ratio. Traders should always keep the longer trend direction in mind while entering the position in a lower time frame price chart. The top-down chart analysis produces profitable results most of the time and is used by many successful forex traders.
Similarly, take profit and stop loss positions on higher time frame charts are respected by the market and provide great price reversal points. The PET-D indicator acts as the best indicator for both entry and exit points.
Conclusion
The PET-D indicator for MT4 works effectively for identifying the Bullish and Bearish market trend direction and provides BUY and SELL forex trading signals. However, the indicator works well if combined with other technical indicators for confirming the trend changes. For best trading results, trading signals near support, resistance, trend lines, or channels are strong candidates. Additionally, forex traders can download the indicator and install it easily.
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