The BlauErgodic_Signal indicator shows information on the current trend using the values of the BlauErgodic indicator with a fixed timeframe.
The histogram of the initial indicator or the cloud can be a source of a signal, depending on the value of the indicator input parameter:
input Mode Method=MODE_CLOUD; // Method of analysis
When receiving signals from the histogram, the histogram color is shown. If the signal is formed by a colored cloud, in addition to the color the behavior of the cloud is analyzed. If the cloud is compressed and the trend is weakening, the color of the indicator is pale. When the cloud expands and trend increases, the color is bright. Colored dots on lines appear when the bar of the corresponding timeframe changes.
The indicator requires BlauErgodic.mq5 indicator file. Place it to terminal_folder\MQL5\Indicators.
Figure 1. Indicator BlauErgodic_Signal
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/2201