Double Super Trend Price Action Forex Trading Strategy – MT5

<p>Trading would never be perfect. Traders would always win some and lose some. Even profitable traders would have a string of losses resulting in a drawdown. The only difference between losing traders and profitable traders is that profitable traders know that it is the long-term that counts. As such, although they would have some losses on the short-term, they usually end up profitable over the long-term and do so consistently. They do this by looking at trading as a game of probabilities. They either look for trades that would have a higher probability of resulting in a win or trades that could potentially produce very high yields. They either have high win rates or high risk-reward ratios. The exceptional traders have a combination of both.</p>
<p>One way to trade high probability trade setups is to trade with the trend. This is because trading with the trend means you are trading in the general flow of the market. As such, price tends to move in the direction of the trend which often translates to a higher chance of a trade ending in profit. This is why most trend continuation strategies tend to result in higher win rates over the long-term. Although this does not happen often, at times a trade could also result in extremely high gains over the long-term.</p>
<p>The key factor to trading with the trend is to identify markets wherein the short-term trend points toward the same direction as the long-term trend. Having both short-term and long-term trends in confluence can significantly increase the likelihood of a winning trade as momentum is much stronger in such cases.</p>
<p>This strategy is a trend continuation strategy which objectively identifies markets wherein the short-term trend points toward the same direction as the long-term trend using the Super Trend indicator and Awesome Oscillator. It also makes use of the Candle Pattern Finder indicator to help traders identify patterns that indicate probable reversals and respond to the market accordingly.</p>
<h2><strong>Super Trend Indicator</strong></h2>
<p>One of the ways traders identify trend reversals is based on price movements in relation to an existing trend based on the Average True Range (ATR).</p>
<p>For example, traders may consider possible trend reversals whenever price moves against the current trend by more than four times the current ATR. In an uptrend, if price drops by more than four times the ATR coming from the highest high, then the market has reversed to a downtrend. The inverse is true with downtrends reversing to an uptrend.</p>
<p>The Super Trend indicator is based on the same concept. It simply plots a line indicating the point where price has to reach for the market to be considered to have reversed.</p>
<p>It plots a sky-blue line below price action during uptrends, and a tomato colored line above price action during downtrends. The lines shift and change color only when price closes on the opposite side of the line.</p>
<p><img class="alignnone size-full wp-image-65760" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator.png" alt="Super Trend Indicator" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<p>The Super Trend indicator can be modified by adjusting the multiplier of the ATR or the period of the ATR.</p>
<p>We will be using two Super Trend lines. The main line is a solid line based on four times the ATR, which indicates the long-term trend. The short-term trend is then represented by a dotted line based on two times the ATR.</p>
<p>We will trade only when the two Super Trend lines are in confluence. We will then look for possible trading opportunities as price pulls back near the dotted Super Trend line.</p>
<p><img class="alignnone size-full wp-image-65761" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-2.png" alt="Super Trend Indicator 2" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-2.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-2-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Super-Trend-Indicator-2-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h2><strong>Awesome Oscillator Indicator</strong></h2>
<p>The Awesome Oscillator (AO) is a trend-following technical indicator which is based on the crossover of an underlying pair of moving average lines.</p>
<p>The AO calculates for the difference between a 5-bar Simple Moving Average (SMA) line and a 34-bar Simple Moving Average (SMA) line. These underlying SMAs are not based on the usual close of each candle, but rather based on the midpoints of each bar. It then plots the difference as bars on a histogram.</p>
<p>Trend direction or bias may be identified based on whether the bars are positive or negative, while the strength of the trend may be identified based on the color of the bars.</p>
<p>Positive green bars indicate a strong bullish trend, while positive red bars indicate a weak bullish trend. Negative red bars indicate a strong bearish trend, while negative green bars indicate a weak bearish trend.<img class="alignnone size-full wp-image-65759" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Awesome-Oscillator-Indicator.png" alt="Awesome Oscillator Indicator" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Awesome-Oscillator-Indicator.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Awesome-Oscillator-Indicator-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Awesome-Oscillator-Indicator-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<p>The AO is an effective trend direction indicator. As such, we will use the AO as an additional confirmation of trend direction.</p>
<h2><strong>Candle Pattern Finder Indicator</strong></h2>
<p>Candlestick patterns can help traders identify points on the price chart where there are possible price rejections, which may lead to a potential reversal. As such, candlestick patterns are excellent reversal indicators.</p>
<p>Candle Pattern Finder is a custom technical indicator which automatically identifies such reversal patterns. It plots an arrow pointing the direction of the reversal and labels the pattern.</p>
<p><img class="alignnone size-full wp-image-65758" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Candle-Pattern-Finder-Indicator.png" alt="Candle Pattern Finder Indicator" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Candle-Pattern-Finder-Indicator.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Candle-Pattern-Finder-Indicator-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Candle-Pattern-Finder-Indicator-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<p>These candlestick patterns can then be used as an entry signal especially when it is in confluence with the general trend direction.</p>
<h2><strong><em>Bullish Double Super Trend Price Action Setup</em></strong></h2>
<ul>
<li>The dotted and solid Super Trend lines should be sky-blue and should be below price action.</li>
<li>The AO bars should be positive.</li>
<li>Price action should pullback near the dotted Super Trend line.</li>
<li>Enter a buy order as soon as the Candle Pattern Finder identifies a bullish reversal pattern.</li>
<li>Set the stop loss below the dotted Super Trend line.</li>
<li>Close the trade as soon as price action shows indications of a possible trend reversal.</li>
</ul>
<p><img class="alignnone size-full wp-image-65757" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bullish-Double-Super-Trend-Price-Action-Setup.png" alt="Bullish Double Super Trend Price Action Setup" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bullish-Double-Super-Trend-Price-Action-Setup.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bullish-Double-Super-Trend-Price-Action-Setup-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bullish-Double-Super-Trend-Price-Action-Setup-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h2><strong><em>Bearish Double Super Trend Price Action Setup</em></strong></h2>
<ul>
<li>The dotted and solid Super Trend lines should be tomato colored and should be above price action.</li>
<li>The AO bars should be negative.</li>
<li>Price action should pullback near the dotted Super Trend line.</li>
<li>Enter a sell order as soon as the Candle Pattern Finder identifies a bearish reversal pattern.</li>
<li>Set the stop loss above the dotted Super Trend line.</li>
<li>Close the trade as soon as price action shows indications of a possible trend reversal.</li>
</ul>
<p><img class="alignnone size-full wp-image-65756" src="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bearish-Double-Super-Trend-Price-Action-Setup.png" alt="Bearish Double Super Trend Price Action Setup" width="977" height="643" srcset="https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bearish-Double-Super-Trend-Price-Action-Setup.png 977w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bearish-Double-Super-Trend-Price-Action-Setup-300×197.png 300w, https://www.forexmt4indicators.com/wp-content/uploads/2021/01/Bearish-Double-Super-Trend-Price-Action-Setup-768×505.png 768w" sizes="(max-width: 977px) 100vw, 977px" /></p>
<h2><strong>Conclusion</strong></h2>
<p>The Super Trend line is mainly a great trend bias indicator. However, it can also act as an excellent dynamic support or resistance level.</p>
<p>This strategy uses a combination of modified Super Trend lines in order to identify a confluence of short-term and long-term trend directions. It then uses the short-term Super Trend line as a dynamic support or resistance level.</p>
<p>This strategy can produce trade setups with very high win probabilities when traded on the right trending market environment. However, it is also important for traders to manage their trades effectively when using this strategy in order to exit their trades with optimal profits.</p>
<p><h3><span><strong><br />
Forex Trading Strategies Installation Instructions</strong></span></h3>
<p>Double Super Trend Price Action Forex Trading Strategy – MT5 is a combination of Metatrader 5 (MT5) indicator(s) and template.</p>
<p>The essence of this forex strategy is to transform the accumulated history data and trading signals.</p>
<p>Double Super Trend Price Action Forex Trading Strategy – MT5 provides an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye.</p>
<p>Based on this information, traders can assume further price movement and adjust this strategy accordingly.</p>
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<h3><strong>How to install Double Super Trend Price Action Forex Trading Strategy – MT5?</strong></h3>
<ul>
<li>Download Double Super Trend Price Action Forex Trading Strategy – MT5.zip</li>
<li>*Copy mq5 and ex5 files to your Metatrader Directory / experts / indicators /</li>
<li>Copy tpl file (Template) to your Metatrader Directory / templates /</li>
<li>Start or restart your Metatrader Client</li>
<li>Select Chart and Timeframe where you want to test your forex strategy</li>
<li>Right click on your trading chart and hover on “Template”</li>
<li>Move right to select Double Super Trend Price Action Forex Trading Strategy – MT5</li>
<li>You will see Double Super Trend Price Action Forex Trading Strategy – MT5 is available on your Chart</li>
</ul>
<p><span><em>*Note: Not all forex strategies come with mq5/ex5 files. Some templates are already integrated with the MT5 Indicators from the MetaTrader Platform.</em></span></p>
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