Trend Wave Indicator – How to Use One for Trading?

Inexperienced traders might ask, “What is a trend wave indicator?” 

If you are familiar with MT4, also known as MetaTrader 4, you have probably heard about the TrendWave indicator. It is an MT4 indicator that can be used with any forex trading systems/strategies for additional confirmation of trading entries or exits. 

As you can, you don’t have to be a tech guru in order to understand what a trend wave indicator is. However, it is desirable to learn as much as possible about currency trading platforms.

What is a currency trading platform? Let’s find out!

To make a long story short, it is a software interface provided by currency brokers to their clients to give them access as traders in the forex markets. For example, one option is a mobile app. Another option is a web-based portal. The third option is a standalone downloadable program. What’s interesting, brokers might offer both a web-based portal and a mobile app or a standalone downloadable program. 

Currency trading platforms play an important role in the forex market. For instance, they provide tools to traders for executing buy and sell orders in the forex markets. 

Forex brokers and their clients 

The vast majority of brokerages serve both retail as well as institutional clients. 

We need to mention MT5, also known as MetaTrader 5, when it comes to the most popular currency trading platforms. The currency trading platform mentioned earlier was released more than a decade ago as an additional platform to MT4. 

MT4 also remains one of the most popular platforms in the world. It is noteworthy that MT4 is even more popular compared to MT5. What’s important is that both platforms are quite popular among traders.

As you know, the forex is the largest financial market in the world. There are numerous currencies. Some of them are relatively unknown, even to forex traders. 

Retail investors should read articles and watch videos about the forex market in order to learn more about the world’s largest financial market. Moreover, it is vital to select a trustworthy forex broker. It is better to pick a U.S. or U.K.-based forex broker, as brokers in the U.S. and U.K. have to comply with stringent regulations. Furthermore, it makes sense to check what kind of account protections are available in case of a market crisis, etc. 

As stated earlier, it is very important to gather as much information as possible about various forex brokers. There is no need to make hasty decisions. Moreover, it is a great idea to read regularly about forex brokers and the forex market in general in order to be prepared for various scenarios. 

Let’s get back to MT5 and MT4. Neither MT5 nor MT4 isn’t open-source software. However, it is possible to customize both platforms. 

Now, you know what to answer if someone asks, “What is a trend wave indicator and what is its purpose?”