The BSI Trend Metatrader 4 indicator is a technical tool that deploys the Bounce Strength indicator (BSI).
Along with channels and a powerful trend line to reveal the true strength of bounce according to the Wyckoff method.
It is important for currency traders to watch the BSI Trend MT4 indicator closely as price nears support/resistance levels.
The indicator starts off by checking the trend via the use of the bounce strength and then draws the accompanying trend line and trend channels on the MT4 chart.
- The orange BSI Trend indicatordash line represents the trend line or channel (high), the blue dash line depicts the trend line of channel (low), red marks illustrates reversal bar (high), while the blue marks are reversal bars (low).
- The pink line depicts the tango line (which shows the entry level), while the dark violet line represents the moving average of tango line and the red dotted line is the BSI value.
- Signals can be derived from the intersection of the moving average of tango line (dark violet line) and the tango line (pink line).
Feel free to explore the BSI Trend indicator’s different parameters and settings to create your own personalized indicator setup.
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BSI Trend Forex Indicator Chart (NZD/USD H1 Chart Example)
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
Finding Buy and Sell Triggers With The BSI Trend MT4 Indicator
Buy Signal: Go long when the dark violet line of the BSI Trend indicator crosses below the pink line in a bottom up fashion. Plus, the silver histograms of the MACD indicator are positioned above the zero-horizontal level.
Sell Signal: Go short when the dark violet line of the BSI Trend indicator crosses above the pink line in a top downward manner. Plus, the silver histograms of the MACD indicator are positioned below the zero-horizontal level.
Exit buy trade: Close all buy orders if while a bullish trend is running, the dark violet line intersects the pink line. Else, the MACD indicator pops up a silver histogram below the 0.00 horizontal level.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the dark violet line intersects the pink line. Else, the MACD indicator pops up a silver histogram above the 0.00 horizontal level.
Tips: The BSI Trend indicator offers traders a unique way of trading a wide range of financial instruments.
Traders can decide on muting other lines asides the dark violet and pink lines, to reduce the noise on the chart window.
Meanwhile, when used in combination with the MACD indicator, the BSI Trend indicator performs excellently.
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Channel period, trend period, noise filter (minimum reversal spread), using volume spread.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Trend
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.