Look at the Trend
This trend indicator can be used both for intraday trading and long-term trading depending on its timeframe. The indicator paints bars according to the trend movement. Red bars - down trend, green bars - up trend, yellow bars - uncertainty zone. It has several adjustable parameters which allow to fine-tune the indicator for any trading instrument.
The following can be used for pending order trading: set "CurrentBar = false" in the indicator's settings - in this case the current bar (zero bar) will not be painted. The las bar of the indicator (the first closed bar) has yellow color. Pending orders are placed at the specified distance. Buy Stop is on the Hi price of the previous candle plus 10-15 points, and Sell Stop order is on the Low price of the previous candle minus 10-15 points. If not any order triggers on the current bar, change them by new Hi-Low prices of a new bar. If one order triggers, remove an opposite one.
You can use the following to trade market orders (Buy, Sell): set "CurrentBar = true" in the indicator's settings - in this case the current bar (zero bar) will not be painted. Sell entries (short positions): the current bar has red color, the previous one has green or yellow color. Buy entries (long positions): the current bar has green color, the previous one has red or yellow color.
Hold market positions until the indicator paints bars with a required color. Short positions (Sell short) - bars are painted red, long positions (buy long) - bars are painted green. Exit a position (closing positions): the current bar is painted yellow. The yellow bar means an uncertainty zone, the trend can change or continue its direction. We do not recommend to execute new trades on such bar. Close all positions if any.
Description of Parameters:
- Period - indicator period to search an average value of a price;
- Distance - indicator period to search extremums;
- Factor - coefficient to calculate ratio of trend direction;
- Price - applied price;
- Method - averaging method;
- CurrentBar - if true, the indicator paints the current bar;