. The TrendViper trend indicator will help you with price analysis on Meta Trader 4 trading platform. The indicator is highly configurable, almost every setting can be modified to suit specific needs of traders.
This custom indicator is professionally programmed and optimised to be lightweight so that it can run on multiple charts in the MT4 platform.
This video is in fast motion and represents about 2 hours of trading time on 1 minute chart for illustration purposes only.
The rule is this. When the green line is above the red line, we have an uptrend, when the green line is below the red line, we have a downtrend. Uptrend is represented by a Green color and downtrend by Red color.
The UP and DOWN Signals are generated on line crossovers but they are also filtered by ADX trend power indicated by the power bar in the display. When the first green bar appears it means the ADX power is above 25. This threshold usually indicates a trending market but can be modified in the TrendViper settings.
So knowing this let's take look at our chart. Here, the green line will always be closer to the actual price action. In fact, the price will cross it quite often. During a trending market the price might even touch the red line, sometimes it might even cross it a little and then bounce back.
But on a line crossover, confirmed by trend power and a signal, the price tends to change its direction and following a trend becomes much easier. The ADX power bar filters bad crossovers that happen during a sideways or indecisive market.
In addition to ADX filtering the TrendViper has a very unique display with instant view of trends on upper time frames, color-coded current price shown by tick, remaining candle time, and candle direction on upper time frames. This information can be very useful for confirming and timing your trades.
The TrendViper indicator will most certainly empower your trading. And it's unique filtering feature will produce much more refined signals.