Indicator values are in the range 0-100. The greater is the indicator value, the greater is the market stability, so the more likely we have trend. The smaller is the indicator value - the less probable the trend is.
Trading on unstable market:
Trading on trend market:
This indicator can be used as a filter in trend trading strategies.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/942
Tools for monitoring spread of currency pairsWeather Vane
This indicator calculates last average price for a symbol and determines the trend direction, so it can be a signal to commit a trade operation.