This is a trend forex indicator, just as the name suggests. It is a practical yet easy-to-use indicator that is best even for forex beginners. It is a good choice for the chart intraday and the long-term trader but not for the forex scalpers.
It is a lord of predicting the fx market price trend.
Understanding the working principle of the TrendLord Forex indicator
This forex indicator is displayed on a separate chart below the main window. The vertical scale of its chart is set to start from 0 and go up to 0.1, and this range doesn’t vary. The indicator generates/displays either light salmon or light sky blue bars.
The different bars generated in the forex indicators chart are the ones that indicate the mt4 trend of the chart market prices rather than a line, as many of the forex indicators do. The light salmon bars indicate an adown trend, while the light sky blue color bars indicate an uptrend.
This indicator is not resistant to forex market noises since it doesn’t have a very well-defined filtering mechanism. Therefore it is advisable to use this forex indicator with other trend forex indicators like the moving averages. with doing that, you will be able to get rid of the false indicator signals that the forex indicator gives, especially when the market is flat (when there are not many market swings).
Fig.1. The TrendLord forex indicator.
You can still go ahead and try this forex indicator alone. But you have to be very very careful, and you also have to understand some of the fx fundamental stuff as to why the forex market is moving in the direction it is moving into. For example, you have to consider the news that is released.
How to employ the TrendLord indicator in placing and closing orders
Trading indicator signals are given when the bars formed in the forex indicators chart change from a light salmon color to light sky blue color.
Placing market sell orders
A sell order is placed when the forex indicator bars change from light sky blue color bars to light salmon color bars. However, you have to wait for the third bar to be formed once the bar color changes. Once you place your market sell order, you should proceed and place a stop loss(SL) at the highest level of the market day, and if it is at its highest, use a stop loss(SL) of 10 pips. Then also set your take profit(TP) at a realizable level like ten pips.
Placing market buy orders
A buy order is placed when the forex indicator bars change from light salmon color bars to pale sky blue bars. However, you have to wait for the third bar to be formed once the bar color changes. Once you place your market buy order, you should proceed and place a stop loss(SL) at the lowest level of the market day and if it is at its lowest, use a stop loss(SL) of 10 pips. Then also set your take profit(TP) at a realizable level like ten pips.
Fig.2. Forex trading using the TrendLord indicator.
TrendLord Forex Indicator Free Download