Scalp Tools iTrend Indicator
This is my newly created tool which allows you to get a closer look at the actual and the historic trend of the market! You can see the two new indicators called MAT and MOT on seven different timeframes at the same time in real time!
Important: this indicator needs the following fonts to be installed:
- Webdings (webdings.ttf)
- Wingdings 2 (wingdng2.ttf)
- Wingdings 3 (wingdng3.ttf)
If you do not have installed these fonts, you will get "#" symbols instead of arrows.
You'll find these fonts in the internet. After you've downloaded them, you can install them by right-clicking on the filename. Most of you will already have installed these fonts.
MAT and MOT
- MAT is calculated by the Moving Average Trend of the last five candles in each timeframe.
- MOT is calculated by the Momentum Trend of the last five candles in each timeframe.
Take a while and look how the arrows (mostly the M1 arrows) are moving with the market in real time! The arrows can turn from the bottom up to the top, while they are changing their colors from red to green and vice versa. In a chart, where most of the arrows point upwards, it will not make sense to open a sell order on the current symbol. But if a MOT arrow begins to turn down from a high value, it may be interesting to open a turnaround short position on the timeframe of the turning arrow. But this decision is yours. I cannot guarantee that if the arrows behave in this or that way, this will always lead to successful trades! This tool is only a visualization of the trends in the actual market.
The next very useful tool is the button in the left upper corner of the indicator. If you press this button, the button gets red and now the arrows are showing the values from the time of the mouse cursor position. Please be careful, as this tool can cause very high processor load!
If you see yellow question marks instead of arrows, your MT4 has not enough historic data for this symbol and timeframe. You can switch back to the actual view by pressing the button again!
- TrendIndicatorMovingAvPeriods - the Moving Average period, on which the calculation is based.
- TrendIndicatorMomentumPeriods - the Momentum indicator period, on which the calculation is based.
- new 'close' button
- some internal improvements
If you find bugs, please contact me!
Please contact me, if you have problems with my tools!
Improved internal message system.