Alfa Trend Indicator MT4 for MetaTrader is a trend-following tool built with the relative vigor index (RVI), a centerline, and signal arrows for trend reversal.

The Alfa Trend indicator for MetaTrader is a trend-following tool built with the relative vigor index (RVI), a centerline, and signal arrows for trend reversal. The RVI and centerline work in synergy to identify the bias and trend reversal zones.

The indicator paints a blue/red arrow that indicates a buy/sell signal, respectively. However, the indicator’s signal is recommended to be used in line with price action for better efficiency. Further, the signal is suitable for scalpers, day/intraday, and swing forex traders.

The indicator comes with the following customizable settings:

Uses center line filter: This enables/disables the center line trend filter.

Use RVI filter: This enables/disables the RVI trend filter.

Use alert: This turns ON/OFF the alert function.

Use mail: This enables/disables signal alerts by email.

Arrow color up: This defines the color for the buy signal.

Arrow color down: This defines the color for the sell signal.

Period: this determines the period to calculate signals.

Deviation: This determines the deviation for signal calculation.

Step: This determines the frequency of signal calculations.

Maximum: This parameter doesn’t play any significant role in the indicator.

Indent: This determines the distance between the signal arrow and the candlestick.

The above image depicts the indicator’s action on an AUDUSD currency pair in the H4 time frame. It shows how to identify a high-probability trade setup in line with price action.

The buy signal (blue arrow) in the above image was painted on a candlestick that has a strong bullish momentum. Besides, the bullish momentum candlestick also preceded a bullish engulfing candlestick chart pattern, an indication of a potential bullish move.

On the other hand, the sell signal was valid because the indicator painted a red arrow on a bearish engulfing candlestick chart pattern. Moreover, the signal also syncs with the trend reversal sign depicted by the bearish candlestick that was formed at the top.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.

What’s in the package?

Indicators:

• Alfa_Trend Indicator.ex4

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