Trend Detector by DNG
Meet the new Trend Detector indicator.
The indicator works automatically and requires no setup or configuration of parameters.
The indicator appears as a three-color continuous line on a chart. Te line color and style can be customized on the "Colors" tab upon starting the indicator on a chart. The first line style and color are set for the uptrend, the second line is for the downtrend, and the third line is for the flat.
The indicator does not repaint. It works on any symbol and timeframe.
It can be used as a standalone trading system, as well as a filter for your trading systems. I use two types of signals of the indicator:
- buy when the line color changes to the uptrend while the current price is above the indicator line (and the opposite signal for a Sell trade);
- enter the market once the price crosses the indicator line in the direction of the current trend.
The indicator line can be used as a level for Stop Loss.