This is a trend forex indicator. It simply indicates the current trend in the Forex market prices. It is for intraday and long-term traders. It is not good for the Forex scalpers since it is not designed to give precise entry signals when the market prices change by small amounts. This is a perfect choice for trading beginners.
The indicator works with all the mt4 currency pairs and on all the timeframes. The timeframe change will only affect the rate at which the indicator gives its entry signals. When using a tight chart timeframe, the indicator will give entry signals more often than when using a longer chart timeframe. This forex indicator is also perfect for use with most brokers’ platforms, provided that the platforms are MT4.
This forex indicator is a non-repaint, and its efficiency is around 80%. It is programmed so that it can detect and indicate any slight forex market trend changes predicted. Unlike most of the swing forex indicators, this indicator can clearly show the retracements in the forex market trends.
The Trend Champion forex indicator is displayed on a separate mt4 chart below the main mt4 trading chart. This forex indicators chart is divided into two sections by a neutral line. The height of the two sections differs according to the length of the chart bars on each side. On the right side of the mt4 indicator’s chart, you will notice a positive scale above the zero line and a negative below the zero line. The max value of the positive side is not equal to the value of the minimum negative value.
The indicator is responsible for generating green and red bars on either side of the neutral line. The red bars indicate a general downward trend and are formed below the zero line, while the green bars indicate a general upward movement of the market prices and are formed on the upside of the indicator zero line. If you look closely, you can find that a slight movement in the market prices is reflected on the forex indicator. For example, if the chart bars being displayed are green, showing an uptrend and the market prices decrease by some significant amount over some candlesticks and then start to increase again, this will be shown in the length of the chart bars on the indicator’s chart.
Fig.1. The Trend Champion Forex indicator.
The signals of this forex indicator are considered to be the transition between the different colored bars. When the length of the chart bars starts to decrease, and they do so over a long period (several bars showing a consecutive decrease in their heights), it shows that the trend of the mt4 market prices is posed to change. However, the forex trader should wait until the color of the bars changes.
Using the Trend Champion Forex indicator
When trading, the forex trader should put the following things in mind:
- When the color of the chart bars changes from red to green, it is time to place a buy.
- When the color of the chart bars changes from green to red, it is time to put a sale.
- The forex trader should always be cautious of the length of the chart bars in the indicators chart.
- Should only place the orders at the second or third bar in the indicator’s chart is formed rather than at the first bar.
- Should place no trade after the fourth bar.
- All trades should have a stop loss(SL) and a take profit.
When it comes to taking profits, the trader should place a take profit at 20pips and a stop loss(SL) at the lowest point of the previous day. However, if none of the stop losses is hit and the length of the forex indicator’s bars starts to decrease, the forex trader should close the order and wait for the distance to begin increasing again to place a similar order.
Fig.2. Placing orders using the Trend Champion Forex indicator.
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Trend Champion Forex Indicator Free Download