While I never recommend using indicators as the sole method to determine an entry point, once you are in a trade there are some useful indicators for trend following which can help filter out the noise and fluctuations as trade begins to develop.
Here are some indicators and ideas to help you stay in a trade once you have entered in the direction of the trend.
Oracle Move Indicator for MT4
Although I haven’t looked into the code of this trend following indicator too deeply, it looks like some form of moving average or stochastic based indicator. It seems heavily smoothed, which will help you stay in a trade as it begins to move.
However, heavily smoothed indicators do have a tendency to repaint a little. You would have to test this one out and see if it does, but in general using it on your chart with the standard setting or higher like 60 in the example above, can help filter out the smaller time frame fluctuations as you follow the trend.
MTF Stochastic Indicator for MT4
Using a higher timeframe indicator is sometimes a good option. For instance, on the chart above it has a 4 hour (240 minute) stochastic added on a 1 hour chart. While the price fluctuates in the 1 hour time frame, the 4 hour indicator keeps you trend following in the right direction.
A caveat with MTF indicators is, they will repaint until the MTF bar in the settings completes. So, on the chart above, the 4 hour stochastic can still change, because the current 4 hour bar has not closed. But in general, you will see how this can be a useful addition for many trend trading strategies.
MTF Bollinger Bands for MT4
Bollinger bands are an old favorite of mine. So here we have a Multi Timeframe version. On the chart above it is set once again on a 4 hour time frame (240) on the 1 hour chart.
Price likes to trend back and forth, often touching the Bollinger Bands on each direction, so if you are in a trend trade you can use this to determine exit points, or places to move stops and more.Download Here!