TrendClouds forex indicator for MT4 platform
As a forex / commodity trader You certainly know one of the basic trading approaches axiom – BUY the dip and SELL the rip. Basically, You should look for the trending market and load during the market correction.
TrendCloud indicator is a great tool in recognising trend directions and its strength. It is traders essential assistant in defining the approximate load zone and also helps with setting the stoploss.
With qTrend indicator You would be able:
* to say whether the market is trending or ranging on given timeframe
* to state how strong is the current trend
* to guess at which levels you should buy/sell during the up/down trend
* to set your stoploss or actively manage your trailing stoploss
After putting the indicator on the chart You will see:
1. Percentage value indicating the trend strength (or range) along with the trend direction. Generally, the higher is this number, the stronger is the current trend. This value ranges from 0 (market is absolutely ranging) to 100 (market is absolutely trending). Also We can say the values above 75 mean very strong trend and values bellow 20 mean that the market is more or less in a range.
2. Red/Green clouds below or above the market price. If the cloud is above the current price, market is trending down and if the cloud is bellow the current price, market is trending up.
3. If the cloud is bellow the price and it is green, then the trend is clearly up. This cloud turns red when the price carves into it and it means that the current market correction (price decrease) is the biggest for the tracked period and since the market reached its local top price. For the downtrending market, opposite rules apply.
If the market is trending, You should always buy/sell during the times the current candle carves into the cloud as this is the teritorry where the market correction of the current trend is about to end. StopLoss should be then set above/bellow the cloud as this is the teritorry where the current trend turns into range or even opposite trend can begin.
Use this indicator on any timeframe, any currency pair or commodity
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