It can be used for scalpers and to determine if a trend is gaining or loosing momentum.
For scalper:use on m5 attach with period M15,M30 and H1 where there exist an arrow,place an order.
For momentum: the arrow indicates where the new high/low is greater/lesser than the previous high/low,hence can be used to predict if the trend would fail or pass.
The classic MT Sample EA updated for full/sub-pip accounts, also now handles ECN/STP brokers. Examples of setting trading hours, and added externals for StopLoss, MagicNumber and order comment.Source Code V2
This is the 2nd version of Source Code