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TrendPower.mq4: Boost Your Trading with this Indicator
another indicator for trend indentification. it is always important to follow the trend, and not trade against the trend.
TrendPower.mq4 3.22 kb, 48 downloads since 2016-10-29
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About the TrendPower.mq4 Indicator
https://mt4talk.com/viewtopic.php?pid=29222#p29222
The strategy behind this Indicator, is all about helping you assess the strength of trends in the forex market. It calculates a value called "Trend Power" based on the ADX indicator, which tells you how strong a trend is at any given moment. This indicator gives you insights into the strength of a trend, making it easier to decide when to enter or exit trades.
So, when should you consider using this EA?
You should consider using this EA if you are a trend-following trader. It's ideal for traders who want to ride the momentum of strong trends in the forex market. Here's why:
The EA excels at identifying strong trends. When the Trend Power indicator shows values above the HiTrigger level (e.g., 0.125), it indicates a strong uptrend. Conversely, values below the LoTrigger level (e.g., -0.125) suggest a strong downtrend.
If you've ever been caught in a choppy or sideways market that keeps giving false signals, this EA can help you avoid such situations. It filters out noise and focuses on the significant trends.
The Trend Power indicator can guide you in choosing the right entry and exit points for your trades. When you see a strong trend confirmed by the EA, it's a good time to enter the market. When the trend starts weakening, you might consider exiting or taking profit.
It's important to pair this EA with proper risk management techniques. Since it identifies strong trends, you can adjust your position sizes accordingly. For example, you might allocate more capital to trades in very strong trends and less to those in weaker trends.
Adjustable parameters:
ADXPeriod: Number of periods used to calculate the ADX. Default is 14.
SMAfast: Period for the fast Exponential Moving Average. Default is 5.
SMAslow: Period for the slow Exponential Moving Average. Default is 55.
LoTrigger: Lower trigger level for the Trend Power indicator. Default is -0.125.
HiTrigger: Upper trigger level for the Trend Power indicator. Default is 0.125.
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