Trend trading strategy is one of the most effective ways to make money in the Forex market. Being a new trader in the Forex market, you need to understand the fact, the market stays in trend most of the time. Though a trend trading strategy requires a precise understanding of this market, with the help of Supertrend MT4 Indicator, you can easily ride the market trend and make a decent profit.
Currency Pair: Any
How to trade with Supertrend MT4 Indicator
The MetaTrader 4 SuperTrend indicator is an incredible technical tool. It was created on the basis of the ATR/CCI. This tool is very useful for traders in its ability to identify trends. SuperTrend can also be used as the basis for a trading strategy that is centered around the following trend. It is important to understand that SuperTrend relies on two indicators: CCI and ATR.
The standard parameter for the CCI indicator is set to "50", which indicates the direction of trend movements. Meanwhile, the ATR indicator can be used as a tool in defining the indicators levels.
The indicator will either move flat or surge if the CCI is above "0". A negative CCI will result in a declining SuperTrend (subject to the ATR).
It is possible to engage the market after a correction by paying attention to the SuperTrend indicator's color. This indicator can be very useful. After the first descending correction, if the SuperTrend indicator's color changes from red to green, you can open a buy order.
If the SuperTrend indicator color changes from red to yellow, a sell triggers (place a sale after the first ascending correction).
Want to try Supertrend MT4 Indicator? Open a free account with AtoZ Markets forex brokers:
How to download and install an indicator?
In order to install the indicator on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT4>Indicator folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Navigate to “Indicators.”
- And select the “Supertrend MT4 Indicator" template to apply it on the chart.
Note: Tim Morris is the creator of this indicator. AtoZ Markets does not carry any copyrights over this trading tool.
Should you trade with Supertrend MT4 Indicator on your own at all?
Before you start trading with Supertrend MT4 Indicator, you'll want to read this.
Our in-house trading expert Dr Yury Safronau, PhD in Economic Sciences, gives you daily his best forex, metals, and cryptocurrencies to buy and sell signals right now.
His trading strategies which are based on non-linear dynamic models have achieved more than 65 000 pips of profits since 2015. And right now there are some very strong buy and sell signals across several markets you don't want to miss.
Want to see which ones?