TrendeX Indicator
- Indicators
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Olusegun O Enujowo
I am a Market Strategist and Trading Coach with more than 10 years experience in currencies (forex), gold and index markets. I code in MQL4 and MQL5, and every tool I publish here is built on a strategy I trade myself and teach in my classes. - Version: 1.35
- Activations: 5
TrendeX Indicator
TrendeX marks trend-continuation setups around the 50-period exponential moving average and draws the plan for each one: entry, stop loss and a target at twice the risk. It is for traders who want a clear, rule-based read of pullbacks that rejoin the trend, without drawing levels by hand.
How it works
TrendeX follows the trend set by the 50 EMA and waits for a pullback against it. A signal forms only when a sequence of closed candles confirms that price has returned to the trend, and RSI (14) confirms the momentum behind the move. The arrow then prints on the entry candle, at its open, together with the full trade plan. Buy and sell signals follow the same logic in opposite directions.
What you see on the chart
- The 50 EMA line. With RSI confirmation on, an RSI window also opens below the chart and marks the RSI value that confirmed the signal.
- A cyan up arrow for buy signals and a magenta down arrow for sell signals, placed on the entry candle.
- For the latest signal: an entry line at the open of the entry candle, a stop loss line beyond the recent swing, a take profit line at 2R, and shaded risk and reward zones with price labels.
- Older signals keep only their arrow, so the chart stays clean. Turn on review mode to keep the levels on every past signal when you study history.
How the levels are set
- Entry: the open of the entry candle.
- Stop loss: beyond the recent swing low for buys, or the recent swing high for sells, with a small buffer.
- Take profit: entry plus two times the stop distance (2R). The ratio can be changed.
No repainting
Signals are calculated only from closed candles. Once an arrow prints it stays where it is. It does not appear and disappear while a candle is forming.
Alerts
Pop-up, sound and push notification to the MetaTrader 5 mobile app when a new signal forms. Each alert shows the symbol, timeframe, entry, stop, target and the confirming RSI value. When you load the indicator, it also alerts a signal that printed in the last 2 candles (adjustable) if price is still between its stop and target. The same signal is never alerted twice on a chart.
Inputs
- Strategy: EMA period, RSI confirmation on or off, RSI period and level, RSI window on or off.
- Risk levels: swing lookback, stop buffer, reward to risk, maximum stop in pips, pip size.
- Display: EMA line, BUY and SELL text, setup candle numbers (off by default), risk and reward zones, entry, stop and target lines, price labels, zone length, levels on past signals.
- Colours: arrows, candle numbers, lines and zone fills.
- Alerts: pop-up, sound, sound file, push notification, recent signal on load (2 candles, 0 = off).
Notes on use
- Works on any symbol and timeframe in your MetaTrader 5 terminal: forex, metals, indices, energies and crypto CFDs.
- Pip size is detected automatically for forex pairs. For gold and other instruments, set Pip size to the value you count as one pip (for example 0.1 on gold), so the stop buffer and maximum stop are measured the way you expect.
- When the 50 EMA is flat, price tends to chop around it and signals become frequent. Check the slope of the EMA and the higher timeframe before acting on a signal.
- Use Maximum stop in pips to skip setups whose stop is wider than you are prepared to accept.
- TrendeX is an indicator only. It does not open, close or manage trades. Position size is your decision; work it out from the stop distance shown on the chart.
- Try the free demo in the Strategy Tester before you buy.
Risk notice
Trading forex and CFDs on margin carries a high level of risk and may not be suitable for every trader. Signals shown in the screenshots are examples of how the indicator draws setups, not a record of results, and past price behaviour does not indicate future results.
