Super trend forex
An exclusively trend indicator, it allows you to display on the chart the current and historical direction of the trend in the form of graphic lines that change their color depending on the fall or rise in the price of the currency pair.
It is of dubious usefulness; its main purpose is to analyze trend movements over a selected time period.
At first glance, it is not entirely clear why this tool is needed; it seems that it simply repeats the price movement and creates a beautiful picture.
The price direction changes depending on the time frame change, so this indicator can be used as an auxiliary tool when trading trend strategies.
The advantage of super trend is its simplicity; it clearly identifies reversal points on the chart of a currency pair, which makes it possible to analyze the reasons for the trend change.
Suitable for absolutely any currency pair and can be installed simultaneously on all time frames, after which you can compare the direction of movement depending on the time period.
After you have completed the installation, a line will appear on your chart that follows the trend curve; with an upward movement it turns green, and with a downward movement it turns red. If desired, the color of the lines can be changed in the settings. You can view additional settings by downloading the program file.
Be careful, sometimes the indicator does not take into account short-term price changes, so it is advisable to use it on time periods no shorter than M15.
In my opinion, this tool requires some improvement and can only be used to analyze the history of a trend. At first, you need to get used to the fact that its line deviates in the opposite direction from the price movement and sometimes simply does not react to past changes, it is not in any way case cannot serve as a source of signals for new transactions.
The use of the Super trend forex indicator to obtain signals for opening new transactions is rather dubious, since the tool simply analyzes the trend, and does not attempt to predict it.