This indicator is used to show the trend of the 30 min charts. The trend is determined based on the moving average. If the short period MA is above the long period MA, it is an Up Trend and conversely it is a Down Trend if the short period MA is below the long period MA. I also use ROC as an additional rules to montior the trend.
Ths Trend Indicator will give 5 output values:
2: Strong Up Trend
1: Up Trend
0: No Trend
-1: Down Trend
-2: Strong Down Trend
The external variables that you can see in this indicator are:
ROC_MA_Period & ROC_Period : I like to use 200 for both as I like to look at the long term trend.
MA_Short_Period & MA_Long_Period : For you to insert he period of your preferred short and long term period.
MetaTrader Trend Indicator
Lastly, I am still trying to improve on the indicator further. I appreciate any comments or feedbacks you have.
This tool combines the original Bands with Bollinger Bandwidth and removes the extra window for Bollinger Bandwidth. Instead Bandwidth is now a value in the comment in the top left corner. This makes more efficient use of the chart space and still allowBollinger Bandwidth
An investigation of the Bollinger band has shown that when the bandwidth (distance between the top and bottom bands) is below 4, the market is compressed and about to break out. When the bandwidth reaches 11, there is a strong wave for scalp trading. Be