Here is another trend indicator. SSL MTF Indicator has the simplicity and clear trend indication. It comes with multi-timeframe trend analysis. Traders normally use this indicator as the trend confirmation with other signal indicator. Somehow, we can trade using it and it alone. You will find the strategy with this indicator in the Trading Strategy section.
How To Setup SSL MTF Indicator
Firstly, on your Terminal go to File –> Open Data Folders –> MQL4 –> Indicators. Secondly, paste the ex4 file. Next you need to refresh your terminal by close and open it again or by Right Click on Navigator windows and click Refresh. To include the indicator your chart, simply double click on the SSL MTF Indicator on your Navigator windows or Drag it and drop on your chart –> make change on setting and click OK.
- Select Higher Time Frame: Here you need to select a timeframe that is higher than your chart. For example, if you are trading on M15 then you can chose M30 or H1.
- MA Period: Here you enter the number of period for Moving Average.
- MA Method: This is where select the calculating method of Moving Average.
- Other Inputs: You can ignore them as they are for the display of Timeframe Panel
How SSL MTF Indicator Works
After inserting the indicator onto your chart you two lines and an panel on low right of the chart. The green line is the SSL High line while the red line is the SSL Low line. You can change the timeframe of the SSL by clicking on the button in Timeframe Panel.
- When the SSL Low is above the SSL High and the price is below the SSL High line, this indicates the bearish momentum and you look for SELL.
- When the SSL Low is below the SSL High and the price is above the SSL High line, this indicates the bullish momentum and you look for BUY.
Hey! Check out Half-Trend and Trend Power indicator as well!
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