The Silver Trend Signal Indicator for MetaTrader is a custom tool that closely follows the trend of any tradable asset. The indicator is incorporated with features that identify potential zones where the price of an asset is likely to reverse.
This technical indicator is efficient for spotting potential trade setups, especially in a trending market. The indicator helps you to anticipate where a trend would most likely reverse after a minor retracement. This, in turn, offers trading opportunities.
Silver Trend Signal Indicator BUY/SELL Signals
The above screenshot depicts how the indicator would look on your MT4 dashboard. The indicator has a ‘target-like’ symbol for BUY/SELL signals. They are painted in LIME and RED to depict bullish and bearish reversals.
BUY Signal: Firstly, ensure that the trend is bullish. Wait for the indicator to paint a bullish reversal signal (colored in LIME) before opening a BUY/LONG position.
SELL Signal: Similarly, ensure that the trend is bearish. Wait for the indicator to paint a bearish reversal signal (colored in RED) before opening a SELL/SHORT position.
Note that the indicator may be susceptible to false signals due to some underlying market conditions. To this end, taking signals in sync with price action and other technical indicators is best and more rewarding ONLY.
For instance, the above SELL entries were valid because the price printed bearish engulfing candlestick patterns to validate the SELL signals.
The Silver Trend Signal indicator for MT4 is the best indicator for identifying the reversal zone of a trend. Finally, the indicator is free to download.