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An indicator that correctly shows the direction of the trend does not always have to be sophisticated. Sometimes, combining the values of well-known indicators gives unusual and useful indicators that can be successfully applied in the market. This applies to a trend indicator called Forex Profit Boost. It consists of standard indicators, but in the compartment, they accurately determine the trend change. Moreover, he does not redraw values, which only adds to his advantages.
The indicator consists of Bollinger Bands and two Moving Average. As you can see, these are standard classic indicators that can be found in the MT4 trading terminal.
Having adapting a little in terms of color and parameters, the authors got an excellent trend indicator in an unusual design - it colors the bars and the area next to it in different colors.
Indicator settings
The following parameters are configurable in this tool:
- MA_Period is a period of the moving average.
- MA_Method is the moving average averaging method, where 0 is simple averaging, “1” is exponential averaging, “2” is smoothed averaging, and “3” is linearly weighted averaging.
- BBPeriod is the period of the Bollinger Bands indicator.
- BBDeviation - the number of standard deviations from the zero line.
- BBShift - indicator shift relative to the price chart.
Indicator signals
Forex Profit Boost signals a trend change by changing the color of the bars. In general, it has three colors.
When the indicator bars turn red, it means a downtrend. The appearance of red indicates a bearish market sentiment, and sales are being considered.
Blue color indicates an uptrend. Bullish mood, you can go shopping.
Yellow means a flat — lateral movement or reversal. Moreover, the larger the yellow zone, the higher the chance of a trend reversal.
Conclusion
Forex Profit Boost works well with strong movements, and the higher the timeframe, the better the signals. In a calm market, the indicator may give false signals. To avoid this, we recommend using the indicator in trending strategies. You can find examples of such systems using the FPB indicator in the Strategies section of our website.
Quite easy to use, but at the same time, it is worth trying to use the Forex Profit Boost indicator in your system. It gives quite decent signals in the trending market, and when using additional filtering methods, such as candlestick formations, levels, or oscillators, it is a ready-made trading system.
Download the Forex Profit Boost Indicator from the button below
Tip: Can’t open the downloaded archive file (ZIP or RAR)?
Try WinRAR for Windows or The Unarchiver for Mac .
Do you need help with installing this indicator into MT4 for Windows or Mac OS? Our guide HERE will help you.
