Trigger Lines Indicator
Momentum reversal indicator for mt4. Forex trend following indicator. Best MA crossover mt4 indicator.
Description
Trigger Lines indicator for MetaTrader is a simple technical tool used for spotting trade entries/exits in a trending market. This trend-based indicator is integrated with R-period and Least Square Moving Average (LSMA), an element responsible for identifying the diversity in price.
The indicator gives trading signals at the crossing of the trigger lines followed by changes in their colors. The color change is using to define the current trend of the market which also doubles up as entry/exit.
The indicator is highly responsive to changes in price and checks for potential short-term reversal zones for a possible trade entry. This helps you to make an informed trading decision on when to place a trade or cut your losses.
This indicator is suitable for different trading methods like scalping and day/intra-day trading. The indicator works pretty well on the higher time frames with reliable entries and exit signals. Scalpers can equally use it to catch small moves on the lower time frames though.
Furthermore, both novice and experienced traders would find this indicator handy in their day-day trading activities.
Trigger Lines Indicator BUY/SELL Signals
The above picture of the EUR/USD chart typifies how Trigger Lines indicator would look on your chart. The indicator gives BUY/SELL signal when certain technical conditions that could lead to reversal or trend continuation are met.
BUY/SELL signals are portrayed by crosses and changes in the color of the trigger lines. However, not all signals are tradable due to some underlying factors in the market. This is why no indicator is 100% efficient.
Hence, Trigger Lines indicator is recommended to be used along with other trading indicators or price action to harness the potential. More so, the indicator’s signals are more reliable in a trending market. Regardless, it can also be used to catch trend reversals though.
For a valid BUY signal: wait for the trigger lines to cross and change color to pink and aqua. Once these conditions are met, you may go LONG/BUY after sighting any bullish candlestick patterns. The above example shows an entry after a bullish engulfing candlestick pattern.
The same method is also applicable for a SELL signal. Wait for the trigger lines to cross and change color to yellow and red which confirms a bearish sentiment. You may go SHORT/SELL after the formation of a bearish candlestick pattern.
Take Profits should ideally be after the trigger lines changed to opposite colors which are usually preceded by an initial cross-over between the lines. Stop Loss on the other hand is solely dependent on the discretion of the trader.
Conclusion
Trigger Lines indicator for MT4 is indeed a trading tool you don’t want to leave out of your chart. It simplifies trading and can go a long way to enhance your winnings, especially when used as confluence. Finally, it is available free to download.