I have been quite slow in posting lately as I was trying to pick up a new skill of setting expert advisors using metatrader. Metatrader is a trading software that allow us to program and set up customized indicators for us to monitor the market. Metatrader also have a strong advantage as well, it allow you to program an expert advisors (EA) that we can trade in the Forex market.
Metatrader 4
Metatrader is a software developed by MetaQuotes Software Corp to provide broker services to customers in Forex, Futures and CFD markets. Metatrader is similar to many other technical analysis charting software that you can insert technical indicators, drawing trendlines or looking at candlesticks charts. One of particular advantage that I like is the seamless integration to the trading broker operation that I can trade directly on the chart. I can also customize my own indicators as I like.
The most most most impotant factor that I like to learn about this trading software is the availability of Expert Advisors (EA). I can rely on EA to automate my trading without me sitting in front of the PC all the time. I can set up the entry rules and exit rules and the software will take up to trade for me. Some people call this mechanical trading or robot.
I believe in having a trading system to help us to be successful in the trading journey. These EAs can help us to minimize our psychological weakness and allow us to test our trading system before applying live with our real money.
While I am still picking this skill, I like to share my first Trend Indicator with everyone out there and looking forward to your comment and we can all learn together to improve our trading skill.
My Metatrader Trend Indicator
I simply using the moving averages to mintor the trend, if the short period MA is above the long period MA, it is an Up Trend and conversely it is a Down Trend if the short period MA is below the long period MA. I also use ROC as an additional rules to montior the trend.
Ths Trend Indicator will give 5 outcomes/values:
2: Strong Up Trend
1: Up Trend
0: No Trend
-1: Down Trend
-2: Strong Down Trend
So, you can simply apply attach this indicator to your chart and it will show you the trends of the 30 minutes chart. You can monitor thre 30 minutes chart on 1 mins, 5 mins or 15 mins chart without flipping the charts. Hopefully, it helps you to make a decision faster and more precise.
If the trend indicator is positive, then you can subsequently apply your LONG strategy “Buy Low Sell High” to ride the up trend. You can use whatever strategy you may have but this indicator helps to decide on the trends.
Download Metatrader Trend Indicator
I am still trying to improve and modify this indicators, do leave me a comment if you have any feedbacks. I appreciate that!
PS: You can download Metatrader here if you need the software!
30 Mins Metatrader Trend Indicator
DISCLAIMER: This information is used for learning purposes only. It does not constitute an offer or solicitation to buy or sell. You should do your own analysis on top of my postings.
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