The suggestion is to use Supertrend in combination with some other indicators to provide better signals. First of all, the indicator shows only one single line on the chart.
How to use it
This line is the supertrend. When the line switches from below to above or the vice versa, it means that the trend has ended and is probably reversing.
- Super Trend Indicator » Free MT4 Indicators [mq4 & ex4] » .
- SuperTrend Indicator Forex Trading Strategy.
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Supertrend indicator supports a number of input parameters. They are useful to configure the indicator's sensitivity and reaction.
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You can download a free copy of MT4 Supertrend Line indicator along with its source code using the following link:. Or you can read a more detailed instruction on how to perform the installation. You can open a trading account with any of the MT4 Forex brokers to freely use the presented here indicator for MetaTrader 4. The Supertrend Indicator can be downloaded for Metatrader by clicking here. We are using the Average True Range indicator to determine our stop loss. This Forex trading system is simple in execution but can be very difficult depending on your ability to manage risk and losing trades.
How to use 'Supertrend' indicator to find buying and selling opportunities in market
All trades will not play out like this and there will times when you are trading in choppy market conditions long before price registers whipsaws along the SMA. We can make this trading strategy even simpler by using the supertrend indicator on two-time frames. For a daily trading chart, we can use the supertrend trend determination on the weekly. This is the daily GBPUSD chart and the green line indicates that the weekly trend is up according to the supertrend indicator that turned where the green line is. This daily chart has already turned green before the previous week closed which gave us the signals for long trades only.
The yellow line indicates a potential resistance point that is in place before the weekly trend is up.
We can look to get in sync with the chart condition and take a long trade when price breaks the resistance area on close. The issue now is that entry candle is huge and while you can make a rule in regards to large candlesticks, for this example we will keep in line with the rules. This trade is stopped out on the extreme retrace that pulls back for a test of resistance potential support for a pip loss.
Supertrend Plus • Free Trend Trading Indicator for Metatrader
We can re-enter when supertrend turns green at 1. The following picture shows such a case of combining the MTF SuperTrend indicator with another indicator. However, since this indicator is already MTF-ed, it is quite reliable by itself also. Therefore, trading is possible even with this indicator alone. Our guide HERE will help you. Multiple Timeframe Super Trend Indicator. It is also possible to fold the sub-window and make it even smaller.
These timeframes are automatically determined according to the current opened timeframe in MT4.