This MT4 indicator is built with triple exponential moving averages which are used to determine the price data of an asset. The TRIX indicator functions as an oscillator in a separate window below the price chart.
Furthermore, the indicator has a triple smoothing effect that ensures it doesn’t generate random signals at every minor correction of the market. It filters out minor fluctuations in price and generates trading signals only in a relatively consistent trend.
The Trix’s Trade Signals
The TRIX.Crossover indicator uses two Trix lines (fast and slow) to generate a trading signal. These include a trend signal for a trending market and a reversal signal. A trend signal is initiated when the Trix and zero line cross over while a reversal signal is depicted by a crossover between the two Trix lines (fast and slow).
BUY/SELL Trading Signal
You may need to use the TRIX.Crossover indicator along with price action or in synergy with other trading indicators for better confluence.
For a trend reversal BUY setup, wait for the signal line to cross above the Trix before opening a BUY/LONG position. The same is also applicable for a SELL setup. Open a SELL/SHORT position after the signal line crosses below the Trix.
For a BUY setup in a trending market; wait for the Trix to cross above the zero line before opening a BUY/LONG position. Similarly, for a SELL setup, wait for the Trix to cross below the zero line before opening a SELL/SHORT position.
It is recommended to set a fixed Take Profit that is factual than waiting for an opposite signal to close your trade. Stop Loss should also be strategically placed to manage any loss should the market move contrary.
Features of the TRIX.Crossover Indicator
This indicator comes with some outstanding features which place it ahead of other similar ones. They include the following:
- The indicator encompasses different distinct methods for generating signals.
- The Trix lines of the indicator possess different periods that are calculated individually.
- The indicator is flexible, and so, supports the use of other moving averages besides the default exponential moving averages.
- Finally, the indicator comes with an auxiliary level and Trix histogram to effectively track the dynamic changes in the market.
Settings Of The Indicator
The indicator’s settings and parameters are open for users to customize accordingly.
Trix period: Number of the candlestick used to calculate the signal line.
Trix MA type: This shows the preferred moving average in use.
Price to calculate: this defines the candlestick parameter in use.
Signal Type: this is used to select the preferred signal to be displayed.
Show histogram: option to enable/disable the histogram where the Trix and signal line is.
Show levels: this is used to enable/disable the horizontal levels.
Distance of levels from zero: Value between auxiliary levels and the zero line.
Alerts: this option allows you to turn ON/OFF signal alerts or Pop-up windows.
The TRIX.Crossover MT4 indicator is a technical tool that helps you to identify trading opportunities with less hassle. Its signals are accurate, non-repaint, and easy to follow.
1. Download and unzip the archive to the MQL4 folder of the terminal;
2. Restart the terminal and run the indicator;
3. Allow import of DLLs.