Monday, April 30, 2012

MT4 indicator (ToR_1.20k.mq4)

How to trade with ToR indicator

Trending or Ranging?
This indicator monitors CCI and ADX on multiple time frames to give you a sense of a trend and its direction.

When the market is trending - use trend following indicators, when the market is ranging use oscillators and other momentum indicators or avoid trading (according to your plan).

Reading ToR indicator:

Green color - the trend is up, red - down, blue - ranging.

Arrows next to the indicator show the angle of the trend:
45 degree arrow - a trend is beginning,
90 degree arrow - a strong trend in place.
The squiggly lines represent a range - no trend.

In the Indicator settings window you can define what's to be considered a trend for ADX (if needed, review the basics of ADX trading), and set own CCI periods for all time frames.

 Forex MT4 indicator Download indicator: ToR_1.20k.mq4


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