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Views:: 3469
Rating:: (14)
Published:: 2016.06.30 12:28
Updated:: 2016.11.22 07:32

nrtr_extr.mq5 (9.74 KB) view

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Real author:

Ramdass

NRTR indicator based on HIGH and LOW. The indicator is always located at the same distance from the reached extreme price. For an uptrend, it is displayed below the chart; for the downtrend — above. The meaning of this distance is to filter small corrective movements counter to the main trend. A stronger movement counter to the main trend above the preset level (the size of the moving filter) signals the complete trend reversal.

Like any other simplified approach, this indicator works well in trending market, but may fail in non-trend periods.

Fig.1. NRTR_extr

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/15244

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NRTR_extr - indicator for MetaTrader 5