The Bykov Trend Signal Metatrader 4 Forex indicator is an accurate buy/sell colored arrows indicator that’s based on the Bykov formula.
Some traders make up to 750 pips/month with the Bykov Trend Signal indicator for MT4.
It is a magical trend system that draws colored arrows to indicate the prevalent market sentiment.
Interestingly, the indicator can also be deployed as a mechanism for price filter.
It is also known to adapt quickly to changing market conditions.
It overlays easily on the activity chart via the use of simple signal arrows.
Therefore, new market entrants can comfortably deploy this tool for their daily trading needs.
- In a bid to better understand how the various market forces interact with price, a closer look at the signal arrows on the Bykov TrendSignal MT4 indicator reveals a deep correlation between its arrows and changing trends.
- By and large, the indicator prints colored arrows with varying orientation in respect to the price bars on the activity chart as a means to depict the changing market sentiments.
- By default, the arrows on the Bykov TrendSignal indicator can either be printed as an aqua upward pointing or a magenta downward pointing arrow, thereby revealing a bullish or bearish market trends.
Feel free to explore the Bykov Trend Signal Forex indicator’s different parameters and settings to create your own personalized indicator setup.
Indicator Example Chart (NZD/CHF M15 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 Bykov Trend Signal MT4 Indicator
Buy Signal: Go long when the Bykov indicator prints an aqua upward pointing arrow that’s aligned slightly below the candlesticks.
Sell Signal: Go short when the Bykov indicator prints a magenta downward pointing arrow that’s aligned slightly above the candlesticks.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the Bykov indicator prints a magenta downward pointing arrow.
Exit sell trade: Close all sell orders if while a bearish trend is running, the Bykov indicator prints an aqua upward pointing arrow.
Tips: The Bykov indicator is a standalone technical indicator that can be used by scalpers, swing and day traders.
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Risk, SSP, count bars.
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.