Trender is a simple to use signal trend indicator. Apart from the main line that displays the current trend, there are additional lines of the trading range boundaries and also signal icons. The indicator implements notification in the form of alerts and email messages on the appearance of new signals. The indicator does not redraw. It is recommended to use the indicator on M15 and higher timeframes. It is not recommended to use the indicator signals during the periods of high volatility due to the increase in the number of false signals.
The main signals of the indicator during a probable change of the trend are displayed as arrows and accompanied with an alert.
The additional signals are displayed as dots of the corresponding color and appear in the overbought and oversold states of the market. These signals can be used for opening additional positions by trend and closing positions at a certain state of the market. Moreover, the rebounds from the trading range boundaries can be used as additional trading signals.
- Mperiod - the period for the calculation of the main lines of the indicator,
- Dperiod - the period for the calculation of the additional lines of the indicator,
- Deviation - the deviation coefficient for the boundaries of the trading range,
- Count - the number of bars to calculate the indicator,
- Upcolor - the color of the uptrend and buy signals,
- Dwncolor - the color of the downtrend and sell signals,
- Devcolor - the color of the trading range boundaries,
- Alert_On - generally enable alerts,
- Advanced_alert - enable alerts on the appearance of the additional trading signals,
- Alert_Message - enable text alert,
- Alert_Sound - enable sound notification,
- Alert_Email - enable email notifications (requires prior configuration of the MetaTrader 4 terminal).