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Published:

2018.12.18 19:21

Trend_Signal.mq5 (10.98 KB) view

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Trend Signal trend-following indicator specifies the change of a trend when Close price breaks through the specified range of bars upwards or downwards.

The Risk parameter allows defining the distance from the extreme price for this period.
We define it as a percentage of the range for this period.

It has two configurable parameters:

Period - range calculation period
Risk - percentage of range over Period

Calculation:

If PrevClose < Max and Close > Max
Upward breakthrough = Bullish signal

If PrevClose > Min and Close < Min
Downward breakthrough = Bearish signal

where:

Max = max-(max-min) * Risk / 100.0
Min = min+(max-min) * Risk / 100.0
Max, min are the highest and lowest prices within the Period interval

Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/22437

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Trend_Signal - indicator for MetaTrader 5