The Great Forex Trader Indicator is a custom trend-following strategy designed to enhance your forex trading experience. This indicator integrates multiple tools to provide comprehensive market insights, including dots, double lines, MACD, trend strength, and a simple moving average.
This versatile indicator is compatible with all timeframes and currency pairs, making it a valuable addition to any trader's toolkit.
How It Works: A Guide to Trading
Trading Rules Explanation
Buy (Long Entry)
Initiate a long trade when the following conditions are met:
Initiate a short trade when the following conditions are met:
Close your open position when an opposite signal appears on the chart, or use your preferred method for trade exit. Always employ proper money management techniques to optimize your trading outcomes.
Setting Up the Great Forex Trader Indicator in MT4
Included Files
Indicators:
The Great Forex Trader Indicator is a robust tool that can significantly enhance your trading strategy. While it provides valuable signals, it's essential to maintain realistic expectations. Like any technical analysis tool, it is not infallible and will occasionally produce false signals. Its effectiveness can vary depending on market conditions. Nonetheless, with proper application and money management, it can be a valuable asset in your trading collection. Explore its capabilities and integrate it into your trading routine for improved performance.
This versatile indicator is compatible with all timeframes and currency pairs, making it a valuable addition to any trader's toolkit.
How It Works: A Guide to Trading
Trading Rules Explanation
Buy (Long Entry)
Initiate a long trade when the following conditions are met:
- The dots indicator (GreatTrader_NLD) is blue and positioned above the 60 SMA (yellow line).
- The double line indicator (GreatTrader_TLSM) is blue and positioned above the 60 SMA (yellow line).
- The MACD indicator (GreatTraderMACD_Color) shows a blue signal.
- The trend strength indicator (GreatTrader_PW) is light blue (indicating a normal trend) or dark blue (indicating a strong trend).
- Place your stop-loss (SL) a few pips below the last swing low on the chart.
Initiate a short trade when the following conditions are met:
- The dots indicator (GreatTrader_NLD) is red and positioned below the 60 SMA (yellow line).
- The double line indicator (GreatTrader_TLSM) is red and positioned below the 60 SMA (yellow line).
- The MACD indicator (GreatTraderMACD_Color) shows a red signal.
- The trend strength indicator (GreatTrader_PW) is light red (indicating a normal trend) or dark red (indicating a strong trend).
- Place your stop-loss (SL) a few pips above the last swing high on the chart.
Close your open position when an opposite signal appears on the chart, or use your preferred method for trade exit. Always employ proper money management techniques to optimize your trading outcomes.
Setting Up the Great Forex Trader Indicator in MT4
Included Files
Indicators:
- Bands.ex4
- GreatTrade_MACD_Color.ex4
- GreatTrader_FT.ex4
- GreatTrader_NLD.ex4
- GreatTrader_PW.ex4
- GreatTrader_TLSM.ex4
- Great Forex Trader Indicator.tpl
- Download and Extract: Download the Great Forex Trader Indicator files and extract them.
- Copy Indicator Files: Navigate to your MetaTrader 4 (MT4) platform directory: File > Open Data Folder > MQL4 > Indicators. Paste the indicator files here.
- Copy Template File: Similarly, navigate to the Templates folder in the MQL4 directory and paste the template file.
- Apply Template: Open your desired trading chart, right-click, hover over “Templates,” and select "Great Forex Trader Indicator.tpl" from the list.
The Great Forex Trader Indicator is a robust tool that can significantly enhance your trading strategy. While it provides valuable signals, it's essential to maintain realistic expectations. Like any technical analysis tool, it is not infallible and will occasionally produce false signals. Its effectiveness can vary depending on market conditions. Nonetheless, with proper application and money management, it can be a valuable asset in your trading collection. Explore its capabilities and integrate it into your trading routine for improved performance.