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2014.06.11 10:57
Indicators

ExTrendV2 - indicator for MetaTrader 5

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extrendv2.mq5 (26.07 KB)view

Real author:

Alex Sidd (Executer)

The ExTrendv2 indicator is a new version of the ExTrend indicator that draws fractal channels. The new version does not use the built-in indicator iFractals. Instead, it uses its own analysis, which is closer to the original definition of Bill Williams' fractals. In this regard, the number of "clean" fractals has significantly decreased, and the signals of breakthrough of fractal lines are now more significant.

Also now the indicator produces Buy or Sell signals at a certain model of breakthrough of the fractal line.

This indicator was first implemented in MQL4 and published in Code Base on 26.12.2006.

Figure 1. The ExTrendV2 indicator

Figure 1. The ExTrendV2 indicator

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/6982

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