As the name suggest, BS Trend Forex Indicator is a trend following indicator. This indicator is best suited for the scalpers since it gives signals very frequently. Within a day, it can give 3 to 5 signals depending on the market swings. It is thus important that if you want to use it to scalp, you should choose a major currency pair. The indicator is displayed on a separate chart below the main chart.
The BS Trend Indicator displays bars on either side of a center line (zero line). The bars that form on the upper side of the zero line are blue in color and represent an uptrend. The bars that form on the lower side of the zero line are purple in color and they represent a downtrend. Therefore the signal is usually the change of the bar color. If there was subsequent formation of blue colored bars and then all of a sudden a purple bar is formed, this means that there is a sell signal and vice versa.
Still on the indicator’s chart, there is a vertical scale that measures from -0.0001 to 0.0001. This scale is not very relevant when trading since the bars formed are equal in length and there is no need in comparing the length of the bars.
The indicator also displays the market trend on the left top corner of the indicator’s chart. It is displayed as a yellow “downtrend” text in case of a down trend and a green “uptrend” when the market trend is upwards.
Fig.1. The BS Trend indicator loadeed on to a trading chart.
This indicator is programmed to take note of even the slightest market movement and it is thus very efficient for the traders who go for even the slightest profits as it is usually the norm with the scalpers.
How to place trades using the BS Trend Indicator.
This indicator is very efficient and once it gives a signal there is no need to wait. When the bar color changes the trader should place an order immediately the next candle starts to form. When it comes to closing the trades, the trader should close the trades when the signal changes (when another signal is given and your trade is still open in the market).
Placing a sell order: the trader should place a sell order when the bars formed are purple. Immediately you notice that the color of the bars in the indicator’s chart have changed from blue to purple, then you should be ready to place a sell. Immediately the next candle on the main trading chart begins to form, place a sell.
Placing a buy order: the trader should place a buy order when the bars formed are blue. Immediately you notice that the color of the bars in the indicator’s chart have changed from purple to blue, then you should be ready to place a buy. Immediately the next candle on the main trading chart begins to form, place a buy. The buy order should then be closed when the color of the indicators bars become purple.
An illustration of placing the trades using the BS Trend Indicator.
Forex Indicators Download – Instructions
BS Trend Forex Indicator is a Metatrader 4 (MT4) indicator and the essence of the forex indicator is to transform the accumulated history data.
BS Trend Forex Indicator provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.
Based on this information, traders can assume further price movement and adjust their strategy accordingly.
Do the same with template file (.tpl), if there is any, at File/Open Data Folder/templates.
How to install BS Trend Forex Indicator.mq4?
- Download BS Trend Forex Indicator.mq4
- Copy BS Trend Forex Indicator.mq4 to your Metatrader Directory / experts / indicators /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your indicator
- Search “Custom Indicators” in your Navigator mostly left in your Metatrader Client
- Right click on BS Trend Forex Indicator.mq4
- Attach to a chart
- Modify settings or press ok
- Indicator BS Trend Forex Indicator.mq4 is available on your Chart
How to remove BS Trend Forex Indicator.mq4 from your Metatrader 4 Chart?
- Select the Chart where is the Indicator running in your Metatrader Client
- Right click into the Chart
- “Indicators list”
- Select the Indicator and delete
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