The Trend Is Your Friend Until It Is NOT
One of the most famous phrases in the trading world is "The Trend Is Your Friend".
We don't recommend to use it as a triggering indicator because it has lag. Its inner workings are based purely on Price Action/Candle Analysis and it is so easy to use that it has only one parameter setting: the timeframe of the analysis, so you can add several instances of it into your chart to monitor and see what is the trend in higher timeframes!
If you are a discretionary trader or a robot builder, this minion is a must-have in your toolbox. Give it a try and see for yourself.
HOW TO "READ" THIS INDICATOR
- GREEN color: UPTREND.
- RED color: DOWNTREND.
- GRAY color: SIDEWAYS.
- Does this indicator repaint? No, when used in real-time mode, i.e. Live Trading. When the indicator is applied to past bars (i.e., reopening MT5) the bars are repainted to show the last status of each bar based on their last OHLC data, which could be slightly different from the Live market data but really it doesn't matter so much since our recommendation is to NOT use this indicator as a Trigger and instead, use it as a Confirmation tool.
- Obviously that are thousands of assets around the globe to trade, so if it fits, you can use it as a Trigger indicator if your backtests confirm this ability. Example given: Scalping in intraday trading.
- Timeframe to analyze
- Size of the indicator window (in pixels)
Do you want to try it for yourself, live into your assets? Download the DEMO version here: The Trend Is Your Friend, Until It Is NOT!
* Due to the new MQL5 policy developers cannot provide DEMO versions to the general public here in this website anymore.That is why you will be redirected to an external website clicking on the link above.
* If you would like to try this indicator in a BackTest environment for Exper Advisor, please download the FREE DEMO version on the button found here on this product (left side of this screen).
Buffers to use on your EA:
#1 - Color buffer:
0 = Ranging (sideways) market.
1 = Uptrending market.
2 = Downtrending market.
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