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Forex Today Trend Indicator
Introduction to the Today Trend Indicator
The Today Trend Indicator, developed by Jason Rivera, is a technical indicator intended to help day traders identify the trend direction for the day based on an underlying Daily Pivot Point. This should give traders an idea where price may generally move within the day.
What is the Today Trend Indicator?
The Today Trend Indicator is a custom technical indicator which indicates the probable trend for the day. It does so by plotting a blue arrow pointing up to indicate a probable bullish trend for the day and a red arrow pointing down to indicate a probable bearish trend for the day. It also plots a yellow green line to indicate the area where the trade should be opened and a red line to indicate the area where the stop loss should be placed.
How the Today Trend Indicator Works?
The Today Trend Indicator uses an algorithm that incorporates the Daily Pivot Points as well as its corresponding first and second support and resistance levels to identify the probable trend direction. It does so by comparing the open of price with the high, low, as well as the support and resistance levels to identify probable trend directions.
How to use the Today Trend Indicator for MT4
This indicator has a few options which can be modified within its indicator settings.
“PROFIT_TARGET” modifies the distance between the red and yellow green lines.
“SHOW_TARGET” toggles the yellow green line on or off.
“SHOW_REVERSAL” toggles the red line on or off.
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