The Trend Catcher indicator consists of two parts - arrows and stop loss levels. Arrows are the main part of the indicator, they are used for opening deals. Stop Loss levels can be used as a filter to search for a signal or as a trailing of open positions.
The indicator does not repaint.
You can use the indicator to easily create an expert.
MT5 version of the indicator: https://www.mql5.com/en/market/product/29862
- Buy, if Trend Catcher shows an up arrow.
- Sell, if Trend Catcher shows a down arrow.
- The indicator is very well suited for Renko charts.
- The stop loss levels can be used instead of trailing stop.
- Input parameters should be selected individually for each pair.
- The indicator works best on trending pairs: GBPUSD, USDJPY, AUDUSD, etc.
- Recommended timeframe: H1 and higher.
- For notification about new signals you can use the parameters: UseAlert, UsePush and UseMail.
- DrawingArrows – draw arrows, true/false
- PeriodArrows – period of the arrows
- PeriodFastMA – fast moving average period
- ShiftFastMA – fast moving average shift
- MethodFastMA – fast moving average method
- PeriodSlowMA – slow moving average period
- ShiftSlowMA – slow moving average shift
- MethodSlowMA – slow moving average method
- DrawingSLLevels – draw the stop loss levels, true/false
- PeriodATR – period of the ATR indicator used for drawing the stop loss levels
- MultiplierATR – ATR multiplier
- UseAlert – if true, alerts are generated when an arrow appears
- UsePush – if true, push notifications are sent when an arrow appears
- UseMail – if true, emails are sent when an arrow appears
Parameters of the fast moving average and the slow moving average are used in the indicator to filter the arrows and directly affect their location on the chart.