PZ Trend Trading Indicator is a classic trend-following indicator specially designed for newbie traders who struggle to trade within the correct trends in live markets.
Besides defining the market trends, it also helps traders to define the potential swing areas of the markets.
Its easy signal demonstration process allows traders with any level of experience to apply it for real trading purposes.
PZ Trend Trading Indicator is a short-term scalping indicator thus suits best with M5 and M15 timeframe charts. However, you can apply it to trade any forex currency pair you like within the financial markets.
PZ Trend Trading Indicator Overview
Once you’re done with the installation of the indicator, your MT4 chart will appear like the image below:
Also Read: PZ Day Trading Indicator
PZ Trend Trading Indicator Explanation
PZ Trend Trading Indicator signals the market trends by plotting dynamic support and resistance around the price bars. In the case of a bullish trend, the dynamic trendline should be plotted below the price bars and for a bearish trend, its position should be settled above the price bars.
It also plots small horizontal bars along with its trendline curve to signal for possible swing levels of the market. Moreover, you can use the dynamic trendline for determining the stop-loss level of your opened market positions.
PZ Trend: Buy Parameters
- The swing bar is plotted below the low of the price bar
- A bullish bar forms above the indicator trendline
- Buy triggers when the above conditions are met
- Set stop loss below the dynamic trendline level
- Exit long/take profit whenever the price closes below the dynamic support level
PZ Trend: Sell Parameters
- The swing bar is plotted above the high of the price bar
- A bearish bar forms below the indicator trendline
- Sell triggers when the above conditions are met
- Set stop loss above the dynamic trendline level
- Exit short/take profit whenever the price closes above the dynamic resistance level