Indicators: CoeffofLine

[Automated-Trading]

CoeffofLine:

CoeffofLine indicator shows the most likely future price direction (2-3 bars).

The indicator depends on symbol, timeframe and period. If the indicator is turned up, it's a signal to open long position. A signal to close long position is: turn down of the indicator and a confirmation from lower timerframe (negative values). The similar rules for short position: turn down on the current timeframe, for closing of short position it needs a confirmation from lower timeframe (positive values).

Author: Nikolay Kositsin

[UKCM-AN]

Is it possible to make an indicator with timeframe selection?

[Nikolay Kositsin]

UKCM-AN:
Is it possible to make an indicator with timeframe selection?

No problem!

[UKCM-AN]

Thanks for the ColorCoeffofLine_true_HTF.

Here's an idea like this.

There is a "Value Chart" (https://www.mql5.com/en/code/575). Similar to WPR. But, it is calculated and coloured by HL prices, not by close. You can modify it and add a variant of calculations and colouring + by close, + a variant of dynamic overbought/oversold levels by ATR. And if you get naked already, I wonder what would happen if you add a filter for changing the speed of the muving.

I would also like to add a filter for strong trend....