Trend and correction indicator
The indicator finds strong trend movements of a currency pair over the specified number of bars. It also finds correction to this trend. When the trend is strong enough, and the correction becomes equal to the values specified in the parameters, the indicator generates a signal. You can set different correction values, while the best suiting are 38, 50 and 62 (Fibonacci levels). In addition, you can configure the minimum length of trend, the number of history bars for search and other parameters.
- History - the number of bars for determining trend and correction;
- MinPriceDistance - minimum trend distance in currency pair units;
- CorrectionPercent - correction percent (recommended from 0 to 62);
- OnlyTouchingLine - enable or disable the option which influences signal generation: either touch or roll back from the correction line;
- EnableAlert - enable or disable an alert window;
- UpColor - the color of lower levels;
- DownColor - the color of upper levels.
If you need automated trading based on this indicator, please see the Expert Advisor Trend and correction expert: