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2016.04.14 10:28
NRTR

NRTR - indicator for MetaTrader 5

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nrtr.mq5 (9.96 KB)view

Real author:

Ramdass

Description:

NRTR is a trend indicator calculated using the CLOSE prices. 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.

For an uptrend:

NRTR = Highest(Close, period)*(1-(K/100)),

For a downtrend:

NRTR = Lowest(Close, period)*(1+(K/100)),

where the first part of the expression is the highest/lowest extreme price reached since the last intersection of the indicator and the prices, K is the size of the moving filter in percentage terms, i.e. the distance between the indicator and reached extreme values.

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

Read more about the properties and versions of the indicator in the article "Trend indicator of dynamic price channel breakthrough" by Konstantin Kopyrkin (in Russian).


This indicator was first implemented in MQL4 and published in CodeBase at mql4.com on 13.07.2006.

Image:

Fig.1. The NRTR indicator

Fig.1. The NRTR indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/15243

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