What is the Fiji Trend Indicator for MT4?
The Fiji Trend Indicator is a technical indicator used to show the direction of a currency’s price movement. It is typically displayed as a line graph showing the ‘s value of money over time. Dr. Richard C. Dennis, an economics professor at the University of the South Pacific in Fiji, developed the indicator.
The indicator is calculated using three different variables:
1) The slope of the trendline represents the strength of upward or downward momentum in the currency’s price. Slope values closer to 0 indicate a more robust rate, while slope values closer to -1 show a weaker pace.
2) The magnitude of the trendline represents how far the currency’s price has moved up or down in recent trading sessions. A positive value indicates that more money has flowed into or out of the coin. In contrast, a negative value indicates less money flowing into or out of the currency.
3) The angle of the trendline represents how steeply upward or downward momentum is currently trending. Angles close to 90 indicate steep upward and downward trends, while angles close to -90 indicate vertical downward and upward directions.
How to use the Fiji Trend Indicator for MT4?
To use the Fiji trend indicator for MT4, you need to set up a chart with two timeframes – one for the underlying asset (e.g., the USD/EUR exchange rate) and one for the second timeframe (e.g., daily).
Next, you will need to initialize the indicator by setting its parameters (see below). For example, if we are using a EUR/USD pair and want to use the hand on a daily timeframe, we would initialize it as follows: <Fiji> = 0.025 * (1 + 0.01 * <CAD> – 0.005 * <AUD>) – 0.03 * <EUR>;</Fiji> where <CAD>, <AUD>, and <EUR> are three currency pairs whose values are being tracked daily by your charting platform.
The initial value of <Fiji> must be set based on your preferred trading strategy and personal preference but typically ranges from 0.00-0.50, with higher values indicating more volatile markets while lower values indicating less volatile markets. Once initialized, you can apply the indicator by entering it into your chart as follows: <Fiji> = 1;</Fiji>. This will turn on the hand and adjust it automatically according to the daily movements of the underlying assets.
Fiji Trend Indicator MT4 trading settings
The settings for the Forex Fiji Trend indicator can be adjusted depending on your trading strategy and preferences. One familiar ground is to use fast MAs (short term), slow MAs (medium time), and fast MAs (long time). This allows you to focus on different timeframes depending on your trading strategy. For example, you may want to monitor short-term trends while using fast and slow MAs to gauge medium-term trends. You can also adjust the length of each moving average to suit your needs. Using too long or too short a moving average could result in an inaccurate reading of the trend in the currency market.
Fiji Trend Indicator Advantages
One of the advantages of using the Forex Fiji Trend Indicator is that it is a visual tool that makes it easy to identify changing trends in the market. This can help traders make more informed decisions about the direction of the currency markets.
Another advantage of using the Forex Fiji Trend Indicator is that it is a free online tool. Anyone with an internet connection can use the indicator to analyze various aspects of their forex trading strategy.
Fiji Trend Indicator Disadvantages
However, disadvantages of using the indicator include its limited value when used alone and the fact that it can be challenging to master. Other indicators, such as support and resistance levels, are also crucial in deciding on trade positions. Using multiple hands to get a complete view of the market and make informed investment decisions is essential.
FT Indicator installation on MT4
To install the Fiji Trend Indicator on MT4, follow these steps:
- Download the indicator file in .ex4 format.
- Open the MT4 platform, go to the “File” menu, and select “Open Data Folder.”
- Navigate to the “MQL4” folder and then the “Indicators” folder.
- Copy the downloaded .ex4 file into the “Indicators” folder.
- Close and restart the MT4 platform.
- Go to the “Navigator” window on the left side of the platform, find the indicator in the list of custom indicators, and drag it onto a chart.
- Configure the indicator settings as desired, such as changing the levels or the appearance, and click “OK.”
The Fiji Trend Indicator should now be installed and ready to use on your MT4 platform.
Overall, the Forex Fiji Trend Indicator is a valuable tool that can help traders identify changing trends in the currency markets. While it has some limitations, it is an affordable and easy-to-use indicator that can improve your forex trading strategy.