A tape indicator which defines the market state using the AbsoluteStrength indicator
Author: Igor Durkin
Discussion about this indicator (and about market condition in general) is on this thread Market Condition Evaluation based on standard indicators in Metatrader 5
Just for information
Gold is Reaching at 1270
newdigital, 2013.07.01 21:04
How can we know: correction, or bullish etc (in case of using indicator for example)?
well ... let's take AbsoluteStrength indicator from MT5 CodeBase.
bullish (Bull market) :
bearish (Bear market) :
ranging (choppy market - means: buy and sell on the same time) :
flat (sideways market - means: no buy and no sell) :
correction in a bear market (Bear Market Rally) :
This indicator doesn't work on higher timeframes...only on the current.
Please find fixed version attached ("iTime - override system function" issue was fixed).
It works good with AscTrend indicator -