Trend Wave indicator MT4 is a custom forex momentum oscillator that generates accurate long/short trade entries during trending market sessions. Trend waves work based on simple moving averages and a combination of prices.
How to use a trend wave indicator?
Trend wave catches short-term price reversals during the ongoing trending market in a very accurate manner. The blue and yellow dots indicate the crossover of main and signal lines in the form of bearish and bullish trends. These trends help buy and sell.
You can also use the Trend Wave forex indicator due to its ability to recognize the market overbought and oversold levels.
when the oscillator exceeds the 60 levels, the market will be overbought.
When the oscillator drops below the -60 level, it corresponds to an oversold level.
Trading Signals of Trend wave
The Trend Wave Oscillator works when market conditions are overbought or oversold. The indicator displays the information on the chart in the sub-window in the form of two lines. These two lines have red and lime color and run across the dotted marked levels of 50, 60, -50, and -60 to display market buy/sell entry points.
when the lines are below the -60 oversold level, the red line crosses the line bottom-up, and the aqua dot pops up here; you can start to buy.
Exit buy trade
If a bullish trend is running and the lime line of the Trend Wave Oscillator indicator breaks above the +60-signal level. Set
initial stop loss below the previous swing low and close all buy orders.
The red line will cross the lime line top-down when the lines are above the +60 oversold level. A yellow dot pops up, which is best for starting a sell trade
Exit sell trade
Also, learn about the Scalping indicator
Inputs of Trend wave indicator MT4
The input tab shows the standard set of the indicator. You can modify the settings directly from the input tab. Feel free to experiment with the settings and parameters to fit your personal preferences.
The Trend Wave indicator MT4 is worth adding to your trading to have highly accurate long and short trade entries. It works best in all kinds of timeframes and currency pairs.
You can get the Trend wave indicator MT4 free download here.Download indicator