The Supertrend indicator available on the MQL5 Market for MetaTrader 4 is an exceptional tool for traders seeking to identify prevailing trends in specific trading instruments. This indicator boasts two built-in indicators, Average True Range and Standard Deviation, allowing traders to choose the most suitable indicator based on their preferred trading strategy. Additionally, users can customize the period of these indicators and select the price (Close, High, Low, Open, Weighted) to which it should be applied, with Typical price as the default option.
With the Supertrend indicator, traders can quickly and efficiently identify the trend direction, which is displayed as a color-coded line. The line turns green when the trend is up and red when the trend is down, and users can customize the colors and width of the line according to their preferences. Additionally, Supertrend can identify trend changes and display them with dots on the chart at the exact time and price when the trend curve changes direction.
Traders can stay updated on trend changes by receiving alerts on their PC in the MetaTrader 4 terminal or via mobile PUSH notifications in the iOS or Android application. Supertrend is a non-repainting indicator, which means it calculates trend changes only when the last bar is closed, making it highly recommended to use on trending instruments to increase the probability of accurate signals.
Overall, Supertrend is a powerful and reliable indicator that provides customizable options and precise signals, making it an invaluable tool for traders seeking to identify and follow trends in the market.
