Traditional Itrend
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use Traditional Itrend
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
If the red graph is greater than zero and grows - go bullish (if at the same time the blue graph is less than zero and falls - the uptrend is getting stronger)
If the red graph is less than zero and falls - go bearish (if at the same time the blue graph is greater than zero and grows - the downtrend is getting stronger)
Common parameters - parameters that affect both lines:
"Apply to". The basis for the indicator calculation. In this case it is the price - Close, Open etc.
Parameters of the trend direction line (red line). The trend direction in the iTrend is calculated based on the Bollinger Bands technical indicator, and therefore the iTrend trend direction has the same settings as Bollinger Bands:
"Mode". Specifies the Bollinger Bands line to use in the calculation of the iTrend: Main, Top or Bottom.
"Period". The period of the iTrend indicator
"Deviation". The deviation of the iTrend indicator
Parameters of the trend strength line (blue line). The line of the trend strength in the iTrend is calculated based on the technical indicators by Alexander Elder - Bears Power and Bull Power
"Period". The of the iTrend trend line.
