The Lemantrend Forex indicator for Metatrader 4 is a beginner friendly tool that follows the buy/sell trend for any currency pair.
The indicator appears in a separate chart window as a red and purple colored signal line.
The crossover of both signal lines generate a new trading signal.
The Lemantrend indicator can work together with any existing trading strategy or system for optimal trade entry and exit.
- Should work for any time frame
- Provides trend signals
- Simple to use, even for beginners
- Does not repaint
- Developed for Metatrader 4
Indicator Chart Example
The picture below shows the Lemantrend indicator attached to the Euro / U.S. Dollar M5 chart.
How to use this Forex indicator?
This Forex indicator can be used in multiple ways, find an example below:
- A buy signal is given when the purple line crosses up the red line.
- Place your stop loss below the most recent swing low.
- Exit the buy trade for a fixed profit target or wait for the purple line to cross back below the red line.
- A sell signal is given when the red line crosses up the purple line.
- Place your stop loss above the most recent swing high.
- Exit the sell trade for a fixed profit target or wait for the purple line to cross back above the red line.
How to install the Lemantrend indicator to the Metatrader 4 platform?
- Download the lemantrend.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration