The LR Degrees Forex indicator for Metatrader 4 draws a trend line and calculates the accompanying slope for better trade entry.
The indicator shows up in the main chart as a trend line together with the slope.
Generally speaking, the trend is bullish when price turns back above the trend line while bearish when it turns back below.
The indicator can be easily combined with additional technical analysis tools and oscillators for optimal trade entry.
Indicator Chart Example
The picture below shows the LR Degrees Forex indicator attached to the Euro / U.S. Dollar M5 chart.
How to use the LR Degrees indicator?
The indicator can be used in multiple ways, find an example below:
- Open a buy trade as soon as price crosses the trend line upward.
- Place your stop loss below short-term support.
- Exit the buy trade for a fixed take profit target.
- Open a sell trade as soon as price crosses the trend line downward.
- Place your stop loss above short-term resistance.
- Exit the sell trade for a fixed take profit target.
How to install the LR Degrees indicator to the Metatrader 4 platform?
- Download the lr-degrees-indicator.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