Ohnishi Line Trend
Ohnishi Line Trend is the lite version of Ohnishi Bands System. Ohnishi Line Trend consists of a line and signal arrows. The values of a center line are calculated by the unique algorithm. Let us call this center line "Representative Line" or "Ohnishi Line", and write simply "R-Line".
R-Line keeps a central position of recent prices. We know that a short-term moving average is often noisy, and a long-term moving average is sometimes at a distance from the real price. R-Line is a moderate solution for each of the problems.
- Suppose that there is a bullish trend when the R-Line is sky-blue.
- Suppose that there is a bearish trend when the R-Line is red.
- You should wait when the R-Line is yellow.
Signal arrows appear if the color of R-Line has turned.
Note that MN1 timeframe is not supported. You need to change option settings: Tools -> Options -> Charts. Set the values of "Max bars in history" and "Max bars in chart" to less than or equal to 100 000.
See also Ohnishi Bands System and Ohnishi Oscillator.
- Ohnishi Bands System: https://www.mql5.com/en/market/product/6858
- Ohnishi Oscillator: https://www.mql5.com/en/market/product/6782
Ohnishi Bands System is a more advanced indicator which fully contains Ohnishi Line Trend. Ohnishi Oscillator helps Ohnishi Line Trend and vice versa.
Thank you for your time and good luck!