The Trend Path Non-Repaint indicator for MetaTrader4 is a unique trend-following system that uses multiple technical analysis tools to identify an optimal trend reversal zone. I have found its description very interesting and decided to share it with you:
Trend Path Non-Repaint Indicator Description
The Trend Path Non-Repaint indicator is a smart combination of two tools. The first one is a channel that defines the trend direction and market volatility and at the same time identifies overbought/oversold zones right on the chart. The second part consists of arrows that indicate buy/sell trade entries.
After the installation, your trading chart will look like this:
Basic Trading Signals of the Trend Path Non-Repaint Indicator
BUY signal: first the channel indicator should detect the oversold zone (blue lines), then the upward magenta color arrow(s) should appear. Close the trade at your preferred TakeProfit level or when the indicator draws orange lines that identify an overbought zone.
SELL signal: first the channel indicator should detect the overbought zone (orange lines), then the downward lavender color arrow(s) should appear. Close the trade at your preferred TakeProfit level or when the indicator draws blue lines that identify an oversold zone.
Examples of the trades:
The above image shows the indicator in action on a EUR/USD chart, M30 timeframe. You can see that the indicator first identified an oversold zone, which suggests a possible trend reversal to the upside. Moreover, it also generated two buy arrows which a trader can count as an entry signal. Similar to the buy signal, the indicator first identified an overbought zone and then generated two sell arrows.
My Conclusion on the Indicator
The Trend Path Non-Repaint indicator for MT4 is a nice forex trading tool suitable for both novice and advanced traders. This is because it is very easy-to-use and because absolutely any forex trader needs to identify optimal trend reversal setups.