User Friendly Trend Envelopes Indicator For Metatrader 4
The Trend Envelopes technical indicator is a universal tool for determining the continuation or end of a trend. This tool helps to catch good trends and follow them.
The indicator is displayed directly on the chart of the financial asset in the form of lines of two colors, which, depending on the color, indicate a bullish or bearish trend. By default, it is blue and orange. It is suitable for any currency pair and can be used on any timeframe. The indicator is available for download at the link below.
The principles for constructing the lines of Trend Envelops are based on a percentage change in price based on a specified settlement period.
There is one parameter in the indicator settings - MA_Period. This value is responsible for the period within which the percentage change in the price is calculated. By default, the period is 34.
Trend Envelops renders two color lines on a chart. An ascending blue line indicates the continuation of the upward price movement. When the blue line is interrupted, and an orange line appears in its place, this is a signal for a possible trend change and a transition to a downward movement.
In addition, each of the indicator lines on the chart serves as a line of support and resistance for the price. This turns out to be convenient when opening deals on a trend.
For example, with a steady upward movement of the price and the blue line of the Trend Envelops indicator, this line also shows a possible rollback when touching the price. The same thing with a downward movement and with an orange line indicator.
Despite the fact that this trading instrument is considered universal and is suitable for any timeframes of a financial asset, we recommend using it on longer timeframes. This will help to avoid false signals and open deals in the direction of the trend.
Download the Trend Envelopes MT4 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.