The BDFX Trender Forex indicator for Metatrader 4 is a special trend-following histogram trading indicator with quite good effectiveness.
The BDFX Trender Forex indicator for Metatrader 4 is a special trend-following histogram trading indicator with quite good effectiveness.
BDFX is composed of three colors:
- Blue indicates an upward trend.
- Red indicates a downward trend.
- Yellow signifies a flat or ranging trend.
Trading with the BDFX Trender MT4 indicator is straightforward: buy when the histogram bars turn blue and sell when they turn red.
When the BDFX Trender histogram is yellow, do not take any action or maintain your current buy/sell position.
The BDFX Trender can be used independently or in combination with other technical indicators or analytical techniques.
It is suitable for scalping and day trading of currency pairs and other assets.
Sample Chart
The following daily chart of EUR/USD demonstrates the effect of the BDFX Trender Metatrader 4 Forex indicator.
Basic Trading Signals
The signals of the BDFX Trender MT4 Forex indicator are easy to interpret:
Buy Signal: Establish a long position when the BDFX Trender histogram changes to blue. Place the stop-loss below the previous swing low level.
Sell Signal: Establish a short position when the BDFX Trender histogram changes to red. Place the stop-loss above the previous swing high level.
Trade Exits: Use your own trade exit method.
MT4 Indicator Features
Currency Pairs: Any currency pair
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Color, width, and style.
Timeframes: 1 minute, 5 minutes, 15 minutes, 30 minutes, 1 hour, 4 hours, 1 day, 1 week, 1 month
Type: Trend
Installation
Copy and paste “bdfxtrender.mq4” into the MQL4 indicators folder of your Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste it here)