The Brooky Strength indicator that is available for MetaTrader is a trend-following tool that shows the strength and momentum of any traded asset. It’s integrated with an algorithm that is based on ATR, also known as the Average True Range (ATR) and the standard variation of price.
This indicator’s technical structure is constructed by histogram bars, which depict the various strengths of a market asset. The bars grow or decrease with the strength or weakness of the current trend. The blue bars represent positive momentum, while the red bars indicate negative momentum.
The indicator’s bars can also swing between a negative and positive zone when the price is swinging upwards and downwards. Bars that cross over the level-0 line indicate that markets are going in the direction of trending (bullish/bearish). However, bars that are below the level-0 mark that markets are moving lateral (ranging) or ranging direction.
In essence the Brooky trend Strength indicator allows you to determine the potential strength of a trend as well as the state for the marketplace (trending/ranging).
In addition it is suggested for intermediate, beginner and even experienced traders. Additionally, it’s suitable for scalping, intraday/day and the swing trading styles.
Brooky Trend Strength Indicator BUY/SELL Signals
The image above shows the way that the indicator will appear on the MT4 platform you use. It also illustrates how to recognize the most likely trade setup.
The indicator Brooky Trend Strength could be employed as an independent indicator. It is however recommended to be utilized in conjunction with other forex indicators or price action to make trades more profitable and efficient.
BUY Signal First, watch for the blue histogram bars to appear above the level lines of this indicator that suggests the strength of bullishness. In this case you can then start a BUY/LONG trade when price action has also shown the bullish candlestick pattern (e.g. bullish engulfing).
Sell Signal Then, watch for CRIMSON histograms to appear above the line of the indicator’s 0-level, which indicates bearish strength. In this case you are able to start a SELL/SHORT trade when the price action shows a bearish candlestick pattern (e.g. bearish wrapping around).
This Brooky The Trend Strength indicator used in MT4 is an indicator tool that can help you keep an eye on the power of an underlying trend. It also assists you identify trends or varying market conditions. Additionally, the indicator is completely free to download.