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Trend Strength Indicator - indicator for MetaTrader 4

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Published by:
votes: 13
2014.07.10 10:29
2016.11.22 07:32

This indicator based on a 5 period simple moving average detects trends: if there is an uptrend then shows green bars, if there is a downtrend then shows red bars, if there is a weak trend then shows yellow bars.

The detection of the trend is made by dividing the moving average value by its previous one, so if greater than 1 then there is an uptrend, if lesser than 1 then there is a downtrend.

The flat trend is shown if the absolute difference between 1 and this ratio is lesser than the tolerance specified in the input levels. You can improve the performance of this indicator by changing the tolerance, the kind of moving average and its period.

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