An indicator for trend following trading implemented in the form of a colored cloud. Open a position when the color changes. Monotonic convergence of the lines indicates the fading trend.
This indicator is actually a combination of the bull and bear power indicators, one of which is upside down.
The indicator uses SmoothAlgorithms.mqh library classes (must be copied to the terminal_data_folder\MQL5\Include). The use of the classes was thoroughly described in the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Originally this indicator has been written in MQL4 and was first published in the Code Base on 20.03.2012.
Figure 1. The BvsB indicator
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/11405
A MetaTrader 5 indicator of short-term, medium-term and log-term extreme points created based on the book of Larry Williams "Long-term secrets to short-term trading".BackgroundCandle_SimpleBars_HTF
The indicator draws candlesticks of a larger timeframe as color filled rectangles in accordance with the values of the SimpleBars indicator.