• Overview
  • Reviews (9)
  • Comments (15)

Bar Color Trend

4.5

Combining the best of Price Action, Directional Movement, and Divergence/Convergence analysis, Candle Color Trend is a easy and reliable way to identify trend direction. The indicator automatically paints the candles according to the assumption that an uptrend is defined by prices that form a series of higher highs and higher lows. In contrast, a downtrend is defined by prices that form a series of lower highs and lower lows. Additionally, ADX Wilder indicator is used to measure trend weakness (consolidation), and a proprietary algorithm based on MACD was implemented to identify a potential reversion ahead. Each one of these scenarios is identified by a color that can be chosen according to your preference.

Candle Color Trend is surely be one of the best filters for your trend following strategy, but it is not recommended to be used as a standalone entry signal. For Expert Advisors, the buffer number 9 can be used. Values higher than 1 and lower than -1 mean up trend and down trend respectively. Potential reversion is set as 1 or -1, and finally, 0 is used for consolidation.


Parameter

  • ZigZag depth - The number of bars to be considered between highs and Lows, and it is related to the duration of the trend. Try different timeframes before altering this setting.
  • ADX Period - Period to be applied on ADX Wilder indicator in order to identify consolidations.
Reviews 9
jeison jei
348
jeison jei 2021.10.06 12:16 
 

Thank you very very much for sharing it for free! This is excellent, wise and powerfull indicator. It precicely describes market behaviour!

Claudio Jones
139
Claudio Jones 2020.05.24 05:15 
 

Excellent work thanks for share

pipie3
62
pipie3 2018.10.24 09:30 
 

very predictable indicator for forex day trading, thanks!

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y728115
274
y728115 2022.05.01 03:47 
 

Thank you very much.

Marcel Bühler
1282
Marcel Bühler 2021.12.27 23:44 
 

Works perfectly on the m5 chart.

Victor Weyulu
28
Victor Weyulu 2021.10.29 23:41 
 

Real good

jeison jei
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jeison jei 2021.10.06 12:16 
 

Thank you very very much for sharing it for free! This is excellent, wise and powerfull indicator. It precicely describes market behaviour!

areteus areteus
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areteus areteus 2021.01.09 17:31 
 

works well

Claudio Jones
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Claudio Jones 2020.05.24 05:15 
 

Excellent work thanks for share

dsnx
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dsnx 2019.04.26 03:06 
 

User didn't leave any comment to the rating

sunnychow
8667
sunnychow 2019.01.12 16:32 
 

Thanks for share

pipie3
62
pipie3 2018.10.24 09:30 
 

very predictable indicator for forex day trading, thanks!

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