RunwiseFX Trend Strength
The indicator displays trend strength, including showing the transition from buy to sell and visa versa. It is ideal for trend following strategies and also highlights possible reversals/flattening trend with a yellow X on the indicator window. By default, the indicator does not repaint/flicker, however, there is an option to calculate on the live candle but even then the indicator will not repaint unduly. The indicator can also be used for exit.
Enter long/buy trade when the indicator transitions from red to green. Enter sell/short when the indicator transitions from green to red. Do not trade if a yellow X is shown for the current candle. During a trade you can consider an exit when the yellow X appears, and definitely if the indicator changes to the opposite color.
- Main_calcLiveCandle - If set, then the indicator will calculate on the current live candle. Naturally, this will cause some repainting of the indicator value for that candle.
Converting Indicator into an EA
This indicator is compatible with our Strategy Automator product that can convert almost any indicator into an EA for automatic or semi-automatic trading based on configured rules. A free demo of this product, along with a video, is available here.