By Zac, CountingPips.com
An interesting Metatrader Indicator that I have come across and have been experimenting lately with is the SuperTrend Indicator.
This is very straight forward visual indicator based on support and resistance levels. SuperTrend shows an uptrend in green and a downtrend in red. The trend changes when the established support or resistance level is breached.
The default input settings are for 10 periods and a multiplier of 3.0 but you can experiment with these settings to make the support/resistance levels tighter or looser.
James from theforexarticles.com has written a lot about this indicator and uses it in his 4-Hour Trading System (he gives away the 4-H system for free in his email newsletter).