This indicator is built using standard indicators, such as RSI, DeMarker, Momentum, MACD, Force Index, and Moving Averages to produce a trading filter. Trade when two or more signals of the same color appear (blue - for buying, red - for selling). When conflicting signals appear, abstain from trading.
At the bottom of the indicator display window is the momentum signal. Red shows downward momentum and blue upward momentum. The signals for momentum are derived from the standard Momentum indicator available in Metatrader 5. Upward momentum is denoted by Momentum indicator values above 100. Values below 100 show downward momentum.
Moving up we have the trend signal which is derived from the Force Index and Demarker indicators. Red shows a down trend and blue an uptrend. An uptrend is denoted by the Force Index being above 0 , whilst the Demarker is above 0.5. The downtrend signal is shown when the Demarker is below 0.5 and Force Index is below 0.
Next are the indicator cross signals. These signals can also be used as confirmation trend signals. The indicators used to display these signals are the Relative Strength Index, Moving Average Convergence Divergence and the Average Directional Movement Index. The signals are triggerd as follows:
- crossup - if Rsi is above 50, MACD is above the previous MACD value and ADX +Di > -Di.
- crossdwn - if Rsi below 50, MACD is below previous MACD value and ADX +Di <-Di.
Last are the Moving average based indicator arrows. These arrows simply show and upward or downward cross of two moving averages.
- macdfast = corresponds to the fast EMA of the MACD indicator.
- macdslow = corresponds to the slow EMA of the MACD indicator.
- macdsignal = value for MACD signal SMA.
- rsi = period calculation value for Relative Strength Index.
- momentum = period calculation value for Momentum indicator.
- demarker = period calculation value for Demarker indicator.
- adx = period calculation value for ADX indicator.
- forceindex = period calculation for Force Index ndicator.