Effective ''TickerTrail'' Forex Indicator
This indicator is especially recommended for scalpers. "TickerTrail" draws a line that trails ticks, so you can use trailing stops on tick charts. It is also highly functional as a simple tick chart.
Example of displaying this indicator on the EURUSD hourly chart
This indicator draws a tick chart and a TrailLine in a subwindow (see image below).
Trail lines are updated as the tick chart changes. If the tick goes above or below the value specified by the parameter, the trail line will also rise and fall. Basically, this trail line should be used for trailing stops.
"A" indicates the number of ticks counted, and "B" indicates the value of the trail specified in the parameters.
How to use:
1. Use for trailing stops.
The trail line described by this indicator can be used for trailing stop as it is. If you reach this line, you may want to close the order manually. You can also make simple trend judgments such as an uptrend if the price is above the trail line and a downtrend if it is below the line.
2. Use as a more effective and functional tick chart
In the above image that is also used as a tick chart, a normal tick chart is displayed on the left. The biggest weakness of ordinary tick charts is that they have a limited number of ticks. On the other hand, the tick chart of this indicator can display the tick chart of a much longer period. Thus, this indicator is also highly valuable just as a tick chart on its own.
- Trail - This value is used for trailing
- CountBars - Defines how much bars will be counted
Download the "TickerTrail" indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.