TheBear Multi Trend Line Colored Indicator

TheBear Multi Trend Line Coloured Indicator for Price Action Scalping.

Draws up to four moving average trend lines and showing the direction with colour change

The indicator is a trend line which changes colour based on the direction, it is used in price action trading.

When it comes to using indicators for trading the simple ones are the best and it is important for trades to know exactly how their indicators are working. This is used for a simple scalping strategy based on price action and bouncing of moving averages.

The default settings are for scalping the 1M and 5M charts on any pair.

Aqua      - Trend is up

Red        - Trend is down

Yellow   - Trend is flat

Please allow one candle bar close before entering the trade.

How to use the indicator:

As this is price action based the most volumes and liquidity are following or the run up to a major session European, London, USA and Asian.

Entering a Buy trade on the 1M time frame using default settings.

1) Wait for both trend lines to blue/aqua

2) Wait for price to bounce of the Aqua line

3) Enter buy trade.

 

Entering a Sell trade on the 1M time frame  using default settings.

1) Wait for both trend lines to Red/Pink

2) Wait for price to bounce of the Red line

3) Enter Sell trade.

Using the default settings traders can scalp the 1M 5M charts on any pair. Indicator has full Mobile Popup and Mail alerts

A guide on how to use this indicator along with a free indicator called 'Trend is you Friend' is available on this link