The Perfect Trendline Indicator is a simple MT4 indicator that tells the direction of the trend. It comprises two trendlines's one fast and one slow. The lines define the BUY and SELL signals.
The Perfect Trend Indicator plots dots on the chart along with the trendlines. These dots act as entry and exit points. The dots comprises two colors; red and green. The red dot appears as a sell signal, while the green dot mentions a buy signal.
The indicator also paints traditional candlesticks with red and green colors. The green color shows a bullish momentum, while the red represents bearish momentum. When there’s neutrality in the market, the Perfect Trendline Indicator leaves the candlesticks.
Forex traders should apply the indicator on longer timeframes when looking for trading signals, as the indicator can produce false signals on lower timeframes.
The above GBP/USD daily chart shows BUY and SELL signals with the indicator.
The Perfect Trendline Indicator draws trendlines on the chart alongside the up and down dots. With dots, the indicator suggests the overall direction of the market.
The trendlines and dots confirm the bearish and bullish momentum for BUY and SELL signals.
Forex traders should notice a couple of things for going long: the appearance of the green dot, and the other, when the green trendline passes above the red one.
Conversely, for going short, traders should notice the red dot when the red trendline crosses above the green one.
The appearance of the dots also illustrates an exit signal. When the green dot appears, it’s time to exit short positions. On the other hand, when the red dot emerges, it’s time to exit long positions.
Note that sometimes green and red dots surface and the price action changes course. It suggests a short-term trend reversal, but the overall trend will remain bullish or bearish.
The Perfect Trendline is an MT4 indicator that helps determine the trend’s direction. Forex traders can use these dots and trendlines for BUY and SELL signals.
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