The Itrend Old MT4 Indicator has gained notoriety among traders for its robust multi-functionality. Unlike many traditional indicators, Itrend Old goes beyond simply signaling a trend direction; it offers comprehensive market phase recognition and specific entry and exit points. In doing so, this indicator serves as a standalone trading system that can drastically simplify your trading strategy without sacrificing performance. This article unpacks the distinct features, applications, and strategic merits of this groundbreaking indicator.
What Makes Itrend Old Unique?
Multi-Phase Market Recognition
Most indicators specialize in particular market conditions: trending or range-bound (flat). Itrend Old, however, boasts the ability to identify all market phases: trending, flat, and even periods of uncertainty. This all-encompassing feature makes it indispensable for traders who desire a nuanced understanding of market dynamics.
Comprehensive Trading Signals
Another outstanding feature is the indicator’s ability to give clear graphical signals regarding both market entry and exit points. It thus serves as an all-in-one trading system, providing traders with full guidance on when to open, hold, or close a position.
Methodology and Built-in Formulas
Itrend Old utilizes a combination of the built-in formulas of standard indicators like Bears Power, Bulls Power, and Bollinger Bands to compute its values. This blend of different indicators brings a balanced approach to market analysis, enhancing the accuracy and reliability of its signals.
Trading Strategies with Itrend Old
Buy and Sell Trades
The Itrend Old indicator provides simple color-coded signals for trade execution. A blue bar indicates a buying opportunity, while a red bar signals a selling opportunity. Such straightforward visual cues make it easy for traders to swiftly recognize and act upon trading opportunities.
Position Management
What sets the Itrend Old indicator apart is its capabilities in position management. If the indicator remains empty or displays both colors simultaneously, traders are advised to close all or part of the position. These cues serve as invaluable risk management signals, protecting traders from potentially harmful market conditions.
Position Reversal
The indicator further offers a feature for position reversal. If there is a shift from one color to another, the indicator advises reversing the current open position. This function is particularly beneficial for capturing maximum profits during trend reversals.
When Not to Trade
Since Itrend Old can identify periods of market uncertainty, traders have a guiding hand telling them when it’s better not to open new positions. This feature alone can save traders from unnecessary risks and losses.
Conclusion
The Itrend Old MT4 Indicator proves to be a revolutionary tool that encompasses a wide range of trading needs. Its unique multi-phase recognition and clear graphic signals simplify trading to such an extent that it could replace an entire trading strategy. Yet, despite its simplicity, it offers nuanced insights into market dynamics and provides actionable advice for both entry and exit points. Therefore, traders seeking an all-encompassing, reliable, and easy-to-understand indicator would do well to consider integrating the Itrend Old into their trading strategy.
Indicator parameters
- iBands_Mode_0_2 – use of the Bollinger Bands indicator line: 0 – do not use, 1 – upper line, 2 – lower line;
- iPower_Price_0_6 – used price for calculating Bears Power and Bulls Power indicators: 0 – closing price (close), 1 – opening price (open), 2 – maximum price (high), 3 – minimum price (low), 4 – average price, (high + low) / 2, 5 – typical price, (high + low + close) / 3, 6 – weighted closing price, (high + low + close + close) / 4;
- iPrice_Type_0_3 – used price, in indicator calculations for one bar: 0 – Close, 1 – Open, 2 – High, 3 – Low;
- iBands_Period – averaging period for the main line of the Bollinger Bands indicator;
- iBands_Deviation – deviation from the main line of the Bollinger Bands indicator;
- iPower_Period – averaging period for Bears Power and Bulls Power indicators.
Features of Itrend Old MT4 indicator
- Platform: Metatrader 4
- Ability to change settings: Yes
- Timeframe: any from 1 Minute to Daily
- Currency pairs: any
In Itrend-Old.zip file you will find:
- Itrend-Old.ex4
Download Itrend Old MT4 indicator for free:
